XRP's symmetrical triangle formation suggests a major move, with potential to break either upwards or downwards soon.

If XRP breaks above $0.5729, bullish momentum may build, testing resistance levels near $1.00.

A downside break below $0.30 in XRP's price could signal increased bearish pressure amid tightening market conditions.

XRP is approaching a potential breakout, with crypto analyst JavonTM1 highlighting key price movements. Since 2022, XRP has confirmed several hidden bull divergences, which point to the possibility of a breakout. The analyst suggests that if the price breaks upward from its current formation, XRP could rise over 450%, returning to $3.3 levels. 

https://twitter.com/JavonTM1/status/1842938421523746853

XRP is trapped within a symmetrical triangle pattern, which typically indicates market indecision, suggesting a major move in either direction soon. The boundaries are tightening, and with lower volatility, analysts are monitoring the next major price movement.

Symmetrical Triangle Formation and Breakout Potential

The symmetrical triangle pattern observed in XRP has been in place since 2018, with the price fluctuating between narrowing highs and lows. The formation suggests the market is nearing a decisive moment, as the pattern is closing toward its apex. 

The decreasing volatility hints at a potential breakout by late 2024. A key observation here is that the lower boundary of the formation has acted as strong support since 2020, preventing further downside, while the upper boundary has restricted price growth since 2021.

This formation represents a neutral technical signal, but the breakout could swing either way. If the price breaches the upper boundary, it could lead to a t rally, potentially testing resistance near the $1.00 mark. A downside break below $0.30 could indicate increased bearish pressure.

Price Action and Key Moving Averages

At press time, XRP was trading at $0.5415, having experienced a decline from a high of $0.6600. The 50-period Exponential Moving Average (EMA) stands at $0.5564, just above the current price. The 200-period EMA is positioned slightly higher at $0.5729. Notably, the price remains below both these key EMAs, indicating downward pressure in the market.

Source: BingX

For bullish momentum to return, XRP would need to rise above these EMA levels. A move beyond $0.5729 could signal further upward movement, while staying below these levels may keep the current bearish trend intact.

RSI Recovery and Key Levels to Watch

The Relative Strength Index (RSI) currently sits around 49.30, showing a neutral market stance. However, the RSI has moved from an oversold level (below 30), suggesting potential stabilization. 

If it rises above 50, bullish momentum may follow. The resistance levels are at $0.5564 and $0.5729. Breaking these would indicate a shift toward recovery, while falling below $0.5000 could bring more downside risks.