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Ripple’s XRP is currently trading slightly above the $2.40 levels and has slipped into the green zone.XRP is maintaining its position above the upper boundary of the trend channel and recently there has been increased volatility in the crypto market, raising hopes for a possible further move upward.
The price has experienced a shallow pullback since the local top, and this could be forming a sideways triangle pattern, suggesting market indecision. The pattern is narrowing, and a breakout decision is expected soon.
Key Support and Resistance Levels:
Support Levels: The key support lies around $2.28 (the internal low of the triangle). A break below this would likely lead to a test of the lower support range between $2 and $2.23.
Resistance Levels: The primary resistance lies at $2.53. A break above this could signal the start of a move toward $2.64 to $2.76.
Bullish Outlook:
If the price breaks above $2.53, this would suggest that the C-wave has started, potentially leading to further gains. The target resistance areas are around $2.64 and $2.76. However, a drop below $2.28 could signal a deeper correction.
Bearish Scenario:
A break below the red line at $2.28 would invalidate the bullish triangle breakout scenario. In that case, XRP could revisit the lower support levels between $2 and $2.23.
Analyst Weighs In
According to analyst Josh of Crypto World, XRP had a bullish breakout from a flag pattern, and it’s now retesting the previous resistance, which has flipped to support. If XRP holds above $2.37, the bullish flag pattern targets a price around $3.79, offering a potential 50-60% upside. This target would only be invalidated if the price drops below $2.37, especially if it breaks below $2.28.