In the last 24 hours, XRP's price has declined by 4%, amounting to $3.05. The chart is showing the formation of a symmetrical triangle, which often precedes significant price movements. Traders are awaiting a breakout in either direction of the trend.
Current State of XRP
XRP's price has fallen to $3.05, with a symmetrical triangle forming on the chart. This technical pattern typically precedes major price shifts. Traders are watching for which direction the price will break out.
Technical Analysis and Prospects
A symmetrical triangle is created by connecting trendlines outlining lower highs and higher lows. If the price breaks below the lower trendline, it might see a sharp drop. Analysts believe it could fall to $2.50, which is 18% less than the current price. Conversely, if XRP breaks through the upper line, it could hit $3.75.
Market Influencing Factors
XRP's market currently shows bearish sentiment, partly due to the decrease in active XRP addresses. The number has dropped from 108,771 to 40,292 in the past months. This decline coincides with an approximate 10% price decrease, suggesting many investors sold after reaching a 7-year high of $3.40.
Despite current bearish sentiments in the XRP market, there is recovery potential, especially if strong support zones hold. If XRP breaks through resistance levels, the price may continue to rally.
