XRP remains in a sideways trading range, currently down by more than four percent. A breakout needs to be confirmed by surpassing the $2.51 level, serving as the first indication that the market could start moving higher.
Current Level and Prospects
Although there was a rally yesterday, the price failed to exceed this key resistance level, meaning the breakout is not yet confirmed. The $2.72 level is even more critical. If XRP surpasses this level, it would mean a full breakout from the triangle pattern, signaling a potential bullish move.
Understanding Indication and Confirmation
It’s important to differentiate between indication and confirmation. If XRP moves higher but fails to break above the high of $2.72, it could be an extension of the triangle rather than the completion of the pattern. Breaking above this level is crucial for confirming the triangle is complete and the price is ready to move in a new direction.
Critical Support: $1.96 Level
Another important level to watch is $1.96, which serves as a key support area. If XRP falls below this level, the triangle pattern would be invalidated, and the market could enter a larger bearish structure. This level is crucial for the bullish thesis to hold.
These consolidations are often slow and boring, which is the case with XRP right now. However, patience is required during this phase. As long as XRP stays above the support levels between $2.24 and $2.23, the market could still focus on higher price action.
