Analysts are continuing to monitor XRP's movements as it forms an ascending triangle on its chart, indicating potential breakout signals.
XRP's Ascending Triangle
According to EGRAG CRYPTO, XRP is forming an ascending triangle on its 4-hour chart. This pattern is often seen as a bullish signal, suggesting that the cryptocurrency may be gearing up for a breakout. However, the outcome of this formation largely depends on key support levels.
Key Support Levels
The key support level for XRP is at $2.973. This level remains important as the ascending triangle will be valid only if the price does not break below this threshold. Moreover, the 21 EMA and 100 EMA are also significant, standing at $2.957 and $2.912 respectively. If XRP fails to hold these levels, the next support level to watch will be $2.85.
Future Price Movement
Traders are closely watching XRP's reaction to these key levels to confirm potential breakout opportunities. The breakout target is around $3.12122. A successful breakout would allow the cryptocurrency to test higher prices in the future, but its ability to maintain support is crucial for determining future price direction.
There remains hope that XRP can hold above these key levels, maintaining the potential for further upward momentum. Traders continue to watch the market closely.
