XRP price has been trading within a symmetrical triangle pattern, which may signal an upcoming breakout. Key support and resistance levels play a crucial role in its price movement.
Key Support and Resistance Levels for XRP
From a technical perspective, the first crucial level for XRP to continue its upward trajectory is $2.20. A break below this level could lead to further decline toward $1.85. Conversely, $2.50 is still a critical resistance level that could pave the way for a move up to $3 with enough buying pressure.
Symmetrical Triangle: Expectations for Q1 2025
The symmetrical triangle pattern suggests equilibrium between buyers and sellers, with a breakout likely at the end of the formation. A potential upward breakout could see the price rise to $3.77 in Q1 2025. However, a decline below the previous day's low may strengthen bearish sentiment.
Market Sentiment and Derivatives Data
Derivatives market data indicate selling pressure outweighs buying pressure, impacting XRP's price. Trading volumes have also decreased, suggesting reduced market participation following a recent rally.
Technical indicators and market sentiment suggest XRP's price might follow a breakout from the symmetrical triangle in Q1 2025, depending on whether seller or buyer pressure prevails.
