XRP's price forms a pennant, suggesting two probable entry levels for traders depending on their chosen strategy.
Current Analysis of XRP Position
XRP's price action shows two likely entry points for traders under the current technical patterns. The digital asset is trading within a pennant formation, offering options for both conservative and breakout-driven strategies. These entries are viewed as critical levels that may determine the trajectory of XRP's price movement in the short term.
Conservative Strategy at $2.05
According to analyst Ali Charts, the first entry point for XRP lies at the rising trendline of the pennant, positioned at $2.05. This level denotes an area where price support is expected, offering a potential entry for those looking to capitalize on a continuation of the current trend. Trading activity around this level may provide insight into whether the trendline holds as support.
Breakout Above $2.50 and Bullish Momentum
The second entry point emerges if XRP breaks out above the pennant formation, with the breakout level identified at $2.50. A breakout scenario often indicates increased bullish momentum, potentially attracting additional trading volume. Traders aiming for this entry may focus on confirming the breakout with sustained price action above the resistance line.
Regardless of the chosen entry point, the target for XRP's price movement remains at $10. Achieving this target would signify a substantial price increase, underscoring the significance of the identified entry points. Both entry strategies align with current technical patterns, providing traders with opportunities to position themselves in anticipation of XRP's next move.