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Ripple’s XRP is currently trading in the green zone as the price continues to move within a triangle pattern, a formation that signals indecision in the market. It’s difficult to predict if this pattern will break to the upside or downside, but this type of consolidation is often a precursor to a major move in either direction. Currently, the price is staying within a defined range, and the market is trying to determine its next move.
Sideways action may feel boring, but it’s a healthy market behavior, allowing the price to gather strength before pushing higher. As long as XRP holds above key support levels, especially the $2.04 price level, the bullish trend remains intact. A breakout above this consolidation phase could send XRP to test higher levels, with $3 being a potential next resistance level, and even higher towards the all-time highs.
Price Levels to Watch
$2.04 Support: This is a critical level for XRP. If the price holds above this level, the bullish scenario remains intact. A drop below $2.04 would invalidate the short-term bullish outlook and open the door for a bearish reversal.
$3 Resistance: If the price moves higher, $3 will be an important resistance zone. A successful breakout above this level could pave the way for XRP to reach its all-time high.
Bearish Scenario
If XRP breaks below the $2.04 level, the bearish scenario becomes more likely. In this case, the price could move lower, targeting the support zone between $1.8 and $1.79. A sustained drop below $2.04 would suggest that the market is preparing for a larger correction, and further downside could follow.
At the time of writing, XRP is trading at $2.17 and is up by more than one percent in the last 24 hours.