XRP is nearing a breakout, with key levels at $1.10 support and $1.20 resistance showing tight price consolidation.
With a symmetrical triangle forming, the XRP price may move soon, especially if it breaks the $1.20 resistance.
Market watchers expect volatility, as XRP's breakout or breakdown may occur within the next 24 hours, targeting $1.30 or lower.
On the 4-hour chart, XRP is displaying a bullish symmetrical triangle formation. Consistent consolidation is seen in the chart, where lower highs and higher lows converge. As the triangle's apex approaches, the current price movement puts XRP in a position to potentially break out.
Market Overview: Key Levels in Focus
Before falling to $1.10, XRP peaked at $1.20. However, buyers quickly stepped in, creating higher lows around the $1.10 support zone. Sellers, on the other hand, remain active at $1.20, defending the key resistance level. Consequently, the current trading range is tightly confined between these two zones.
Source: CryptoBull
The chart shows that the lower trendline provides robust support. XRP has tested this level multiple times without breaking below. Additionally, the narrowing triangle reflects indecision among market participants, suggesting a potential breakout is approaching.
Potential Scenarios: Breakout or Breakdown?
Market observers expect a significant move as the symmetrical triangle's apex draws near. XRP may rise toward the psychological barrier of $1.30 if it breaks over $1.20. Additionally, the breakout might draw more buying pressure, which would increase the upward momentum. On the other hand, more bearish momentum might push prices lower if sellers force the price below $1.10.
Notably, the symmetrical triangle is often an indicator of high volatility. This buildup of energy indicates a directional move is likely in the next sessions. However, the absence of visible RSI or volume data limits a deeper technical assessment.
Crypto analyst CryptoBull emphasized XRP's bullish setup, noting the symmetrical triangle pattern. According to CryptoBull, the breakout could occur within 24 hours, with a target above $1.30. Moreover, the convergence of trendlines signifies balanced market forces.
The post Watch $1.10 and $1.20 Levels for Upcoming Volatility, Is XRP Ready to Break Out? appeared first on Crypto News Land.
