XRP’s price action has remained relatively flat, with no major updates in recent developments. However, technical analysis shows a reaction taking place at the lower boundary of a potential triangle pattern. Here’s a breakdown of the current situation and what to watch for moving forward. At the time of writing, XRP is up more than five percent and is trading at $2.12.
XRP has shown a slight reaction with the trendline now touched three times. While this trendline is important, it has not yet confirmed the completion of a clear pattern. The current move could be part of a deeper wave within a larger Elliott Wave triangle.
Current View: Horizontal Triangle in Play
The analysis over the past few weeks has not changed much. $XRP appears to be in the process of forming a wave 4, with price action likely to follow a triangle structure. Since triangles are fragile patterns that can change unexpectedly, it is important to stay alert to key levels for any changes in market structure.
Key Levels to Watch: Resistance and Support
Support: $1.95 and $1.90
Resistance: $2.42
The $2.42 level is particularly relevant as it aligns with a potential wave C target. Historical price patterns show that wave C often mirrors the length of wave A, with the 61.8% extension playing a significant role.
What to expect next
If $XRP reaches the $2.42 – $2.45 range, it could face significant resistance. Additionally, the trendline in this area could halt further upside momentum. While there is no guarantee that XRP will reach this area, it is an important area to watch.
A rejection at this level suggests that the structure is nearing completion, potentially leading to a bullish breakout. On the other hand, a sudden drop could shift the focus to a more bearish outlook, with support levels between $1.39 and $1.80 becoming more relevant.