- XRP consolidates within a bull pennant, with $2.73 resistance crucial for confirming a breakout toward $11.
- Strong support near $1.95 and Fibonacci targets at $4.73, $6.09, $8.76, and $11 guide potential upward movement.
- Traders should watch $2.05 support and $2.91 resistance as key levels in XRP’s volatile triangle formation.
XRP/USDT is consolidating within a massive bull pennant, signaling a potential breakout. The current resistance at $2.73 poses a critical barrier. Until breached, analysts foresee a pullback to $2.05 as possible. If momentum persists, projections estimate a climb toward $11. The technical setup reflects strong historical support near $1.95, reinforcing bullish sentiment.
Fibonacci Levels and Triangle Pattern
Crypto analyst Ali highlights XRP’s market movement from October 2024 to January 2025. A rally from $0.50 peaked near $2.91 in early December. XRP retraced forming a symmetrical triangle a continuation pattern. Fibonacci retracement levels of 0.618 at $1.47, 0.5 at $1.19, and 0.382 at $0.97 are important.
Source: Ali
Besides, the symmetrical triangle reveals narrowing support at $1.95 and resistance aligning at $2.91. These levels guide traders on potential entry points. Fibonacci extensions suggest bullish targets, with 1.272 at $4.73, 1.414 at $6.09, 1.618 at $8.76, and 1.786 at $11.18.
Market Momentum and Projections
Currently, XRP trades around $2.41, testing the triangle’s upper boundary. Moreover, dashed projections on the chart indicate intermittent consolidations before successive bullish impulses. Hence, a breakout above $2.73 is crucial for confirming sustained upward momentum.
If XRP clears $2.91 Fibonacci extensions provide structured resistance levels to monitor during an uptrend. However, failure to sustain momentum near $2.41 could trigger a pullback to $2.05, where strong support exists. The market reflects robust initial bullish momentum followed by consolidation. This pattern aligns with the expectations of high volatility, common during breakout scenarios.
XRP’s price dynamics and Fibonacci levels offer traders clear guidance for decision-making. The linear progression is a systematic approach to targeting higher price levels. Analysts advise traders to monitor key resistance points and prepare for potential price volatility.
