XRP is at a critical juncture as its chart compresses into a symmetrical triangle, potentially leading to a dramatic price movement. Analyst Egrag Crypto highlights key levels that will determine the cryptocurrency's future dynamics.
Technical Analysis of XRP
Symmetrical triangles in technical analysis are generally viewed as neutral structures, carrying an equal probability of breaking upward or downward. They typically form when volatility tightens and trading ranges shrink, creating a pressure point that forces the price to choose a direction.
Confirmation Levels for Bulls
According to Egrag Crypto, bullish momentum will only be confirmed if XRP secures a full-body candle close above the 21-period simple moving average on the three-day timeframe and specifically surpasses the price band between $3.077 and $3.13. Achieving this level would signal that buyers have regained control of the market structure.
Critical Levels for Bears
Egrag warns that a bearish resolution remains firmly on the table. Should XRP close below $2.77, the balance of power would shift toward sellers. In such a case, the next logical move would be a retest of $2.55. A close beneath $2.55 would represent a loss of the 55-period SMA and could lead to significant losses for long-term holders.
As of report time, XRP trades at $2.99, reflecting uncertainty that often precedes major breakouts. In this context, it is crucial for market participants to exercise patience in waiting for confirmed price action, which can reduce the risk of false signals.
