An analysis of XRP's current market structure highlights analysts' attention to the formed support and resistance levels, as well as potential price movements.
Market Structure of XRP and Possible Breakout
XRP has entered a crucial stage in its market structure after weeks of shifts between support and resistance levels. According to technical analysts, the token is forming a contracting Elliott Wave triangle, which may determine its next significant move. This pattern has formed around $3.66 since mid-July, with the price now pressing against key resistance areas.
Key Support and Resistance Levels
Analysts indicate that resistance is identified between $3.05 and $3.15, while critical support is noted at $2.655. Supporting data shows the relative strength index (RSI) at approximately 57, placing XRP in a neutral zone with room for movement in either direction. Experts emphasize the importance of breaking key levels to drive the market to a bullish trend.
Current Market Situation and Predictions
As of press time, XRP traded at **$3.16**, marking a **3.65%** gain in 24 hours. Market capitalization reached **$188.59** billion, ranking it as the third-largest cryptocurrency. Trading data showed XRP opened near $3.05, briefly dipped below that level, before rebounding and lifting above $3.15. This occurred alongside a slight decline in trading volume to $6 billion, indicating accumulation under reduced selling pressure.
Current indicators for XRP and analysts' discussions highlight potential scenarios for further growth while focusing on key support and resistance levels.
