XRP is trading near a crucial threshold that could trigger a major trading move soon.
A symmetrical triangle pattern on XRP's chart suggests a strong price shift in either direction.
Investors should watch vital levels like $1.$1.65, XRP may surge higher if it breaks out from its current range.
XRPâs price is showing signs of a possible rally, with technical indicators suggesting big moves ahead. The crypto is currently trading near $0.6188, which is close to a crucial Fib target. This price level often signals reversals or new trends. Experts are watching for a breakout from a symmetrical triangle pattern on the weekly chart that could lead to a major boost in price. Could XRP hit new highs soon?
Key Fibonacci Levels and Symmetric Triangle Patterns
The 0.618 Fibonacci regression threshold is an important marker, as it often acts as support or resistance. Traders are closely watching to see if XRP holds this point. Failing to stay above it could lead to further declines. Meanwhile, the symmetrical triangle pattern seen on the chart shows a consolidation phase. This pattern is a common sign that the price could break out in a significant move soon.
https://twitter.com/amonbuy/status/1838123727277408735
The structure suggests that the exchange rate is gearing up for a strong move in either direction. If the token breaks out above the triangle, it could begin a new bullish phase. On the other hand, if the price falls below, it might test lower levels around $0.2311.
Elliott Wave Structure and Future Price Targets
The Elliott Wave theory provides more insight into XRPâs current position. It shows that XRP has completed its 5-wave structure, suggesting it might be ready for a new rally. The next possible target based on Fibonacci retracement is $1.6514. This level could act as a resistance point.
There are long-term projections for XRP that show potential highs of $335.1128 if a bullish cycle continues. While this may seem far off, it shows the upward potential if XRP gains momentum. Investors are watching closely to see if XRP enters this next phase of growth.
Critical Price Levels in Focus
Several price points are essential to watch. The $1.6514 level is the next key resistance if XRP breaks out. Another important level is $3.50, a previous high that could also act as resistance. If XRP pushes higher, Fibonacci extensions suggest $9.3863 as the next target.
However, traders should be cautious. If the price fails to break out from the triangle, it may fall back to lower support levels, such as $0.2311. While the potential for gains is strong, risks remain, and traders should stay alert.
The post XRP Set for Potential Breakout as Key Price Levels Signal Strong Move appeared first on Crypto News Land.
