Rippleās $XRP is hanging below the $1.40 mark, recording a 5% dip in the last 24 hours. After a brief surge to $1.51 following Gary Genslerās resignation, the price reversed sharply, echoing the broader market trend as top coins, including Bitcoin, entered the red zone. Is this the perfect time to grab an opportunity, or should you brace for a downturn? Letās dive in!
Key Support Levels Holding Firm ā Whatās the Play?
XRPās price is clinging to the crucial 78.6% Fibonacci retracement level near $1.30, which has flipped from resistance to support. For days, this zoneābetween $1.25 and $1.30āhas proven resilient, making it the line in the sand for bulls.
If the support cracks, the next stop could be the golden pocket area between $1.00 and $1.04, signaling a deeper drop to test $1.00. For traders, this zone could mark a potential buying opportunity if the market shows signs of recovery.
Bullish Sentiment Intact on the Big Picture
Despite the recent slump, XRPās longer-term trend remains bullish. The broader market structure suggests the current pullback might just be a breather before the next move higher. However, a confirmed breakdown below $1.25 would challenge this narrative and call for caution.
A Symmetrical Triangle Pattern ā The Calm Before the Storm?
XRP is forming a symmetrical triangle pattern, characterized by an ascending support line at $1.33 and a descending resistance line near $1.48. This setup is often a precursor to a decisive breakout or breakdown.
While the resistance line has multiple touchpoints, providing solid reliability, the support line still needs further confirmation. A third bounce off support would validate the pattern and bring clarity to the next big move.
Breakout or Breakdown? Hereās the Money Move:
If XRP breaks above $1.48, the projected target would be $1.77, offering a potential 20% upside. However, if the price slides below $1.33, it could tumble to around $1.10, a drop of nearly 18%. Both scenarios present a lucrative opportunity for traders ready to act swiftly.
Pro Tips for Traders:
ā¢ For Bulls: Watch for a breakout above $1.48 to ride the next rally.
ā¢ For Bears: A drop below $1.33 could be your signal to short.
ā¢ Tighten stop-losses and stick to your risk management strategy, as volatility is expected to spike.
Stay sharpāXRP is poised for a big move, and nowās the time to be on high alert!
