Ripple's XRP is currently trading slightly above $2.40 and has entered the green zone. The cryptocurrency maintains a stable position above the upper boundary of the trend channel, with market volatility adding to the anticipation of a potential significant upward move.

XRP Forms an Indecisive Triangle Pattern

After reaching its recent local high, XRP’s price experienced a slight decline, leading to the formation of a sideways triangle pattern. This pattern indicates market indecision, but its narrowing suggests an imminent breakout, either upward or downward.

Key Support and Resistance Levels

  • Support Levels: The primary support level is at $2.28, which is the lower boundary of the triangle. A drop below this level could lead to further declines toward the range of $2.00 to $2.23.

  • Resistance Levels: The nearest key resistance is at $2.53. If XRP surpasses this level, it could advance to values between $2.64 and $2.76.

Potential Growth Scenario (Bullish Outlook)

If XRP breaks above $2.53, it could signal the start of another growth wave, referred to as wave C. This wave could push the price to levels around $2.64 to $2.76. However, a drop below $2.28 would invalidate the bullish scenario.

Potential Decline Scenario (Bearish Outlook)

A break below $2.28 would indicate the failure of the bullish triangle pattern. In this case, XRP could face further declines, testing lower support levels in the range of $2.00 to $2.23.

Analyst Predicts Potential 50% Growth

According to analyst Josh from Crypto World, XRP experienced a bullish breakout from a flag pattern and is now testing the $2.37 support, which previously acted as resistance. If XRP stays above this level, the bullish flag pattern suggests a potential price target of $3.79, indicating a 50-60% growth. This outlook would only be invalidated if the price drops below $2.28.

Conclusion

XRP is currently trading at key levels, and the market awaits a decisive breakout. Will the price continue to rise, or will the market move into a correction? Today’s trading activity will reveal whether XRP maintains its bullish trend or shifts toward a bearish scenario.


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