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Ripple’s XRP has slipped back to fourth position after erasing almost three percent of the gains made in the last 24 hours. The price is now battling to stay above the $2.30 mark and if the price breaks below key support levels, particularly $2.24, it may hint at a change in market structure.
The current range has shown key phases like the automatic rally, secondary tests, and now a spring phase, where XRP is aiming for a breakout. This pattern has been observed before in other charts, like Binance Coin’s price action in 2023. We’re essentially waiting for the final breakout from the current range, which could happen soon.
The accumulation phase that began in early December seems to be nearing its conclusion. While the breakout may take some time to fully unfold, the range is close to completing, and the next move appears to be to the upside.
Support Levels to Watch
The key support levels to observe are $2.23, $2.21, $2.17, $2.29, and $2.24. These areas should be monitored for signs of reversal, but a clear breakout above certain levels will confirm further bullish movement.
Breakout Signals and Market Outlook
A breakout above the 50% Fibonacci level at $2.35 would signal the end of the immediate downside and potentially mark the start of an upside move. XRP is known to react quickly to such breakouts, so traders should stay alert.
The Patience Game
After over a month of range-bound movement, the end seems near. Whether viewed as a Wyckoff accumulation pattern or simply a series of tests and rallies, the final phase is underway. The next upward movement could be triggered by a catalyst or flush.