XRP continues to hold key support at $3.00 while consolidating below the resistance zone between $3.10 and $3.48. The current price stands at $3.13, which is a 1% increase over the past 24 hours.
Support and Current State of XRP
XRP maintains the $3.00 support level, which serves as a psychological barrier. The current price as of this analysis is $3.13 with a daily trading volume exceeding $6.1 billion. Although XRP has declined by 6% over the past week, the structure on lower timeframes indicates a potential breakout in the near future.
Formation of Symmetrical Triangle
The 4-hour chart indicates that XRP is forming a symmetrical triangle. This pattern shows price compressing between converging trendlines, often leading to a breakout once the range is resolved. The key breakout level is near $3.26, which aligns with the 0.618 Fibonacci retracement level.
Short-Term Outlook and $3.48 Level
If XRP breaks above the $3.48 resistance, it could set the stage for a move toward $3.60, validating bullish momentum. Analysis shows that a breakout above $3.26 could lead to price targets at $3.40, $3.60, and potentially $3.90, assuming bullish momentum continues. However, should XRP break below $3.00, it could decline to support levels at $2.94 or $2.76.
XRP shows the potential for a bullish trend while holding the $3.00 support level and concluding the formation of a symmetrical triangle. The next resistance levels are critical for determining the price movement direction.
