XRP continues to show resilience, holding steady despite the ongoing market correction. It is currently experiencing a local pullback within a broader corrective phase, creating an interesting scenario for potential future moves.
Triangle Pattern Nearing Completion
The key chart development for XRP is the triangle pattern that has been in play since December 3. After more than a month of price action, the pattern could soon complete, triggering a price move. Whether this breakout is to the upside or downside remains to be seen, but the next move could happen at any moment.
Short-Term Price Action and Key Levels
In a bullish scenario, XRP could see an upside breakout. However, it may still dip lower before completing the triangle pattern. On the other hand, the bearish scenario suggests a deeper pullback before confirming a breakdown. While a move down looks more like a corrective pullback, it could still present an opportunity for consolidation before an upside breakout.
Key Support and Invalidation Levels
The critical support area to watch lies between $2.29 and $2.23. If XRP breaks below $2.29, it could test the key invalidation level at $1.96, which corresponds to the swing low from December 20. At the time of writing, XRP is trading at $2.33 and is up by more than two percent in the last 24 hours.
Thus, XRP is in a consolidation phase, and with the potential completion of a triangle on the chart, both breakouts and pullbacks are possible. Monitoring the key levels will help determine the subsequent movements.
