- XRP is trading near $3.057 and forming a symmetrical triangle, signaling a possible breakout soon.
- The green support ribbon has kept XRP in a bullish trend, fueling hopes for further price gains.
- Breaking $3.20 could push XRP higher, while failing may lead to a retest of $2.80 or lower support.
XRP, trading at $3.05793, is consolidating within a symmetrical triangle, signaling a potential breakout, according to analyst Milkybull Crypto. The digital asset’s price, supported by a dynamic green ribbon, has maintained bullish momentum despite minor pullbacks in recent weeks. A decisive move above $3.20 could spark another rally.
Symmetrical Triangle Signals Critical Movement
The symmetrical triangle dominating XRP’s daily chart shows tightening price action. This pattern often precedes a major breakout. Analysts highlight $3.20 as a significant resistance level, marking the upper boundary of the triangle. A breakout above this point could push XRP towards $3.50 or beyond.
The green adaptive ribbon on the chart acts as robust dynamic support. XRP consistently bounced off this zone during its recovery from the December 2024 low of $2.15. Significantly, the upward price trend reflects sustained bullish momentum. However, traders are closely monitoring whether XRP can maintain this momentum as it approaches the triangle’s apex.
Market participants remain optimistic about XRP’s prospects. The narrowing price range within the triangle underscores a pivotal moment. Will XRP break above the $3.20 resistance, or will it retest lower support levels?
Dynamic Support Boosts Confidence
The adaptive moving average ribbon depicted on the chart highlights XRP’s strength. The green zone provides dynamic support, cushioning the price from significant declines. Throughout January 2025, XRP stayed above this support zone, confirming a bullish trajectory.
Moreover, this ribbon creates a foundation for traders to anticipate upward movements. A failure to hold this zone, however, could lead XRP to retest $2.80 or lower. Hence, the green ribbon remains a vital area to watch.
Community and Analyst Perspectives
The chart shared by Milkybull Crypto on Twitter has garnered significant attention. With over 27,000 views, it has sparked engaging discussions about XRP’s recovery. Many community members praised XRP’s ability to recover faster than other top cryptocurrencies.
Milkybull Crypto described XRP as “one of the strongest charts out there” and hinted at a “hated rally” ahead. Their analysis suggests XRP’s resilience despite external challenges. The bullish sentiment, coupled with technical indicators, suggests a potential explosive rally above $3.20.
