coinpedia.org
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.