Crypto analyst More Crypto Online has identified a triangle pattern in XRP’s price chart. This pattern suggests a potential breakout, with the expert sharing key levels to watch in the coming days.
The analyst’s YouTube video breaks down the long-term chart, emphasizing the importance of the 66-cent mark as a crucial breakout point.
XRP Pattern Indicates Market Indecision
The current XRP price movement is characterized by a sideways triangle pattern. This formation often signifies market indecision and choppy price action.
More Crypto Online explains that such patterns can lead to breakouts in either direction, making it essential for traders to remain cautious. The analyst highlights several critical price levels for XRP.
A break above 66 cents could trigger an upward surge. However, the 42.6-cent level serves as a crucial support, with any drop below potentially indicating a bearish trend.
Additionally, the 72, 81, and 88 cent marks are identified as important resistance levels to watch.
Chart Analysis Suggests Caution
More Crypto Online employs Elliot Wave analysis to interpret XRP’s price structure. This approach reveals that the current movement is primarily corrective rather than impulsive.
Consequently, the analyst advises traders to exercise caution when making decisions based on these patterns. The video outlines two possible scenarios for XRP’s price trajectory. Both involve completing a triangle formation before a potential upward move.
However, the analyst emphasizes that the micro-structures within this pattern are less reliable and subject to change.
Next Meme Coin to Explode? Look No Further If You Are Looking for the Next PEPE or POPCAT
Meet PandaWorld, the new meme coin currently selling at discounted presale prices! The project was inspired by the adventures of six panda siblings, utilizing their unique abilities to bring together gaming, staking, and other features.
Show more +Show less –
Read also: 21Shares Toncoin Staking ETP Crosses $100M AUM Amid TON Price Pump
News-Related Price Spikes and Subsequent Corrections
More Crypto Online points out a recurring pattern in XRP’s price movements. News-related rallies often result in short-term spikes followed by extended correction periods.
Despite the present sideways trend, the analyst remains cautiously hopeful. A break above the red trend line on the chart may indicate the start of an upward movement.
Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?Get all our future calls by joining our FREE Telegram group.
We recommend eToro Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post This XRP Price Pattern Signals Potential Breakout as Ripple Analyst Highlights Key Levels to Watch appeared first on CaptainAltcoin.
