- XRP's Sideways Movement and Triangle Pattern
- Market Conditions and Recent Price Action
- Key Levels for XRP's Potential Breakout
In a recent video, More Crypto Online discusses XRP's sideways movement within a larger corrective phase and potential for a bullish breakout.
XRP's Sideways Movement and Triangle Pattern
Since early July, XRP has been in a sideways corrective movement. According to More Crypto Online, this movement suggests an A-B-C pattern, with the B wave potentially forming a triangle. XRP has tested the support area multiple times, indicating a possible move to the $0.80 to $0.90 range.
Market Conditions and Recent Price Action
More Crypto Online mentions that XRP's price action has largely remained sideways for over a year, with few impulsive movements. While there have been brief upward spikes, the overall trend has been corrective, limiting strong bullish moves.
Key Levels for XRP's Potential Breakout
The analyst mentions that for XRP to continue rising, it needs to stay above the $0.52 support level. If it does, XRP could reach key resistance levels at $0.60, $0.63, and $0.66. Breaking these levels could push XRP towards the $0.86 range. However, a drop below $0.52 could lead to further declines below $0.50, delaying any further upward movement.
The current correction and triangle pattern suggest a potential breakout for XRP, but further movement will depend on holding key support and resistance levels.
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