The cryptocurrency market is once again showcasing volatility, as a sharp downturn has followed the weekly growth, resulting in Ethereum's price dropping over 8.5%, reaching $1,850. This selling pressure impacted major altcoins, including XRP.
Symmetrical Triangle: Breakdown or Bounce?
According to the latest analysis by crypto analyst @JohncyCrypto, Ripple (XRP) is forming a symmetrical triangle pattern on the daily chart. Currently, the price is consolidating near a critical support zone around $2.11, where a potential bounce is possible. If buyers step in and the price manages to break above the descending resistance, we could see an upward move toward key targets at $2.60, $2.84, $3.00, $3.21, and ultimately $3.40. However, a failure to hold the support near $2.00 could lead to a further downside, potentially bringing the price to lower levels of interest around $1.77 or even $1.50. The RSI indicator is showing signs of oversold conditions, which may hint at a possible reversal if buying interest increases.
What to Expect Ahead?
Traders and investors should closely monitor the breakout direction from this symmetrical triangle. A decisive move above the resistance trendline with strong volume confirmation could signal the start of a new bullish phase for XRP. On the other hand, if the support fails, a deeper correction could be in play. Market sentiment and broader crypto trends will also play a crucial role in determining XRP's next move. With Ethereum and Bitcoin struggling at key support levels, XRP's price action might remain volatile in the short term.
Conclusion
In conclusion, amidst the ongoing challenges in the cryptocurrency market, XRP finds itself at a critical point determining its next course. Investors should consider both technical factors and market conditions to make informed decisions.
Amidst cryptocurrency market volatility, XRP and Ethereum remain under pressure. Investors should stay vigilant and consider all factors affecting prices.
