XRP Price Analysis: Breakout Imminent as Accumulation Phase Nears Conclusion
Ripple’s XRP has slipped to fourth position, erasing nearly 3% of its gains from the last 24 hours. The cryptocurrency is currently battling to stay above the $2.30 mark, with a break below key support levels, particularly $2.24, potentially hinting at a change in market structure.
The Current Range: Awaiting Breakout
The current range has exhibited key phases, including an automatic rally, secondary tests, and a spring phase, where XRP is aiming for a breakout. This pattern has been observed in other charts, such as Binance Coin’s price action in 2023. The market is essentially waiting for the final breakout from the current range, which could happen soon.
Accumulation Phase Nearing Conclusion
The accumulation phase that began in early December appears to be nearing its conclusion. While the breakout may take some time to fully unfold, the range is close to completing, and the next move appears to be to the upside.
Key Support Levels to Watch
Traders should monitor the following key support levels for signs of reversal:
* $2.23 * $2.21 * $2.17 * $2.29 * $2.24
A clear breakout above certain levels will confirm further bullish movement.
Breakout Signals and Market Outlook
A breakout above the 50% Fibonacci level at $2.35 would signal the end of the immediate downside and potentially mark the start of an upside move. XRP is known to react quickly to such breakouts, so traders should stay alert.
The Patience Game
After over a month of range-bound movement, the end seems near. Whether viewed as a Wyckoff accumulation pattern or simply a series of tests and rallies, the final phase is underway. The next upward movement could be triggered by a catalyst or flush.
Conclusion
In conclusion, XRP’s price is nearing a breakout as the accumulation phase comes to an end. Traders should monitor key support levels and be prepared for a potential upside move. A breakout above the 50% Fibonacci level at $2.35 could signal the start of a bullish trend. With the market on the cusp of a potential breakout, traders should remain alert and patient, waiting for the next move to unfold.
Source: Coinpedia.org
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