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XRP’s price remains above the recent swing lows, but the recent rally appears to have ended in a corrective pattern. Despite some positive price action, the market has not yet confirmed a breakout. Historically, breakouts from triangle patterns tend to show strong upward movement. However, the rally observed earlier this week did not maintain this momentum. XRP briefly rose from around $2.20 to $2.60, but the necessary breakout has not materialized.
Micro Support Levels
A key support level at $2.39 was identified as critical for maintaining the uptrend. Although the price briefly dipped below this level, it remains relevant. There is a possibility that the price will revisit this support zone, especially if the market moves upward in a corrective structure before retesting it.
Triangle Pattern Still in Play
The current price action suggests that the triangle pattern (A-B-C-D-E) is still intact. While the price broke above the D-wave high for a short period, it did not hold. For confirmation of the pattern’s completion, a break above $2.72 is required. If the price does not break above this level, the pattern may extend or evolve into a more complex structure.
Market Sentiment and Bitcoin’s Influence
The broader cryptocurrency market is under downward pressure, largely due to Bitcoin’s recent price movement. XRP has been impacted, but the effect has been mostly on a micro level. No significant support levels have been breached, and the overall market structure remains intact. The key invalidation point for the current triangle pattern is at $1.96—if this level is broken, a major shift in market structure is likely.
Possible Downside Scenarios
While the triangle pattern suggests a potential upward breakout, a more complex structure like a WXY correction could also unfold. In this case, the price may move downward before resuming upward momentum. The failure to form a confirmed low suggests that a reversal has not yet occurred.