XRP continues to remain in consolidation, aiming to break above the key resistance level of $2.20. Meanwhile, the overall market is showing weak trends.
Current Situation of XRP Market
According to Kraken, XRP's price recently fell below the $2.20 level, aligning with the broader weakening market observed in Bitcoin and Ethereum. The token slipped below critical support levels at $2.18 and $2.15, reaching an intraday low of $2.12 before stabilizing.
Triangle Formation and Its Significance
A contracting triangle pattern is forming on the XRP/USD hourly chart, with immediate resistance at $2.17. A break above this level could lead to a new wave of growth. A more significant hurdle lies at $2.20, a level that has frequently capped upward movements in recent sessions.
Risks and Technical Analysis
If bulls fail to overcome the $2.20 resistance, XRP could retrace toward immediate support at $2.1450. A break below $2.12 may trigger fresh bearish momentum, with the next support seen at $2.05, followed by a critical psychological level at $2.00.
XRP's current consolidation and technical analysis indicate that a movement in one direction may occur soon. Investors are closely monitoring the developments.
