An analysis of XRP reveals a symmetrical triangle formation, indicating a potential imminent breakout. Traders and analysts are closely watching key levels.
Symmetrical Triangle: Sign of a Breakout
Crypto analyst Papa has identified a symmetrical triangle pattern in XRP's price action. This pattern suggests a significant market move is approaching. Key resistance levels are identified between $11.00 and $14.00, with possible downside risk slightly above $1.70 if support fails to hold. The Relative Strength Index (RSI) indicates a downward trend, signaling a potential buildup for a breakout.
Whale Activity and Market Sentiment
Reports indicate that whales have been accumulating XRP, suggesting a probable increase in volatility. This activity coincides with the symmetrical triangle formation, supporting the possibility of a breakout.
Key Levels and Long-Term Projections
Traders should monitor the $2.35 resistance level closely. Holding above this level and closing the day at $2.71 could ignite a rally towards the $3.00–$3.40 range. Long-term projections by some analysts suggest XRP might reach $27 if a strong breakout materializes.
The coming weeks are critical for XRP’s price movement. Traders are advised to await confirmation signals before making trading decisions.
