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Ripple’s XRP is currently trading below the $1.40 mark and is down by more than five percent in the last 24 hours. Following Gary Gensler’s resignation, the price rallied and touched $1.51 levels and then hit a reverse. However, most of the top 10 coins, including Bitcoin have slipped into the red zone.
Support Holds Strong – What’s Next?
According to analyst Josh of Crypto World, the price is retesting a crucial 78.6% Fibonacci level, which previously acted as resistance but is now providing strong support. This level is located around $1.30. Over the past few days, XRP has seen consistent support in the range of $1.25 to $1.30, making it an important price zone to watch for the next moves in XRP’s trend.
The next support level would likely be the golden pocket area between $1.00 and $1.04, suggesting a potential drop toward $1. This bearish scenario could unfold only if the $1.25 to $1.30 support range fails.
Bullish Trend Remains in the Big Picture
Despite short-term pullbacks, the overall technical outlook for XRP remains bullish on larger timeframes. A confirmed break to the downside below $1.25 would mark a shift, but currently, the broader trend appears intact, especially in terms of the longer-term market outlook.
XRP is potentially forming a symmetrical triangle pattern. This consists of an ascending support line around $1.33 and a descending resistance line near $1.48. However, the support line needs further confirmation. At this stage, we have only two touch points on the lower support line, while the resistance line has multiple touchpoints, making the resistance more reliable. If a third touchpoint on the support line is confirmed, the pattern will be clearer.
Potential for Breakout or Breakdown
Once confirmed, this symmetrical triangle could lead to significant price movement. If XRP breaks above the resistance line at $1.48, the target would be around $1.77. On the other hand, a break below the support at $1.33 could see XRP drop to approximately $1.10. In either case, a breakout or breakdown could lead to an 18% move in either direction, offering a potential trading opportunity.