XRP could experience a breakout in two days: Key pattern to watch

The price chart of XRP reveals an interesting setup, as the asset is trading within a descending channel, suggesting a possible breakout on the horizon. After a parabolic rise, the asset is in a consolidation phase, with its price maintaining higher lows and showing resilience near the support level at $2.30, indicating bullish momentum. The steady trading volume and a relative strength index (RSI) hovering around overbought levels further affirm the fundamental strength of XRP despite recent declines.

The upper limit of the descending channel, currently at $2.50, is a critical level to monitor, as a decisive breakout above this could propel XRP back to previous highs. If XRP fails to break this level, another accumulation opportunity may arise in the event of a retest of the lower support close to $2 or the 26-period EMA. If a breakout occurs, the next target could be $2.80 and then the psychological barrier of $3. As XRP approaches the vertex of the descending channel, the next 48 hours will be crucial. The resolution of the current pattern is likely to lead to a continuation of the trend, especially if trading volume remains strong.