The XRP cryptocurrency shows price compression within a symmetrical triangle. Attention is drawn to the key resistance and support levels.
Technical Analysis of XRP
XRP has been consolidating within a symmetrical triangle, trading around $2.29291 with a 0.81% decline. The buy price stands at $2.28916, while the sell price is at $2.28832. Key resistance levels are near $3.00, with support holding above $2.00.
Market Analysis by CryptoGeek
According to CryptoGeek, XRP is approaching the final phase of its correction. A breakout could push the cryptocurrency price beyond $3.00. The Elliott Wave structure, labeled (A) to (E), defines the market’s movement inside the triangle. Wave (A) initiated an upward move, followed by (B) reaching price resistance, and (C) testing support.
Price Action and Support Levels
The price initially surged in December before entering consolidation. XRP fluctuated within a rectangular price range, testing both resistance and support. The asset remains confined between $2.00 and $2.50, establishing a psychological support level. A breakout could see $3.50 acting as the next resistance.
Observing XRP's movements within the symmetrical triangle demonstrates a potential breakout amidst ongoing market consolidation. Careful monitoring of support and resistance levels may help identify possible changes in price action.
