The XRP price has seen a significant drop over the past day, but analysts see potential for further growth.
Current XRP Situation Analysis
XRP is currently trading at $2.52, down 1.68% from the previous day. Between August and October, the price consolidated in the $0.50–$0.80 range before breaking out in early November to the current levels.
Significance of the Symmetrical Triangle for XRP Price
XRP is forming a symmetrical triangle, often preceding a breakout in the direction of the prevailing trend. The upper boundary is around $2.60–$2.70, while the lower boundary is near $2.40.
Factors Influencing Further XRP Growth
The Relative Strength Index (RSI) is at 65.56, indicating the price is nearing overbought territory. If XRP fails to break upward, a drop to the $2.00 support level or even the 200-day moving average at $1.4944 could occur.
Despite the current price drop, analysts anticipate further upward movement for XRP. It's crucial to monitor trading volume, as an increase during the breakout will confirm a strong upward move.
