- XRP sits at about $2.11, making a symmetrical triangle as it edges closer to crucial support, suggesting a potential breakout move.
- Strong resistance at $2.15–$2.22 limits upside potential, with speculators holding off for a breakout above the downtrend line.
- Market capitalization of $123B and trading volume of $3.39B for XRP indicate conservative participation as price consolidates within a tightening range.
XRP has been in a consistent consolidation phase, with its price resting on critical technical levels. Market data indicates a symmetrical triangle pattern that could govern its next significant move.
Technical Structure and Support Zones
XRP has demonstrated a clear downtrend line that started from its January peak of $4.00. The price has consistently been gravitating towards a significant support area between $2.10 and $2.30, building a wedge pattern. Traders have observed declining volatility as XRP continues to test this support zone.
According to Marzell, the cryptocurrency is currently priced at approximately $2.11 while forming a symmetrical triangle pattern on the daily chart. He has provided additional information that a breakout from the falling resistance would push the price to levels of $2.60, $2.84, $3.00, $3.21, and $3.40. His analysis reveals that the price must remain above the lower support to hold bullish potential.
Source: Marzell
The downtrend line has connected a series of lower highs, confirming persistent selling pressure over the past few weeks. Consolidation at the top of the wedge is indicative of reduced volatility, a harbinger of a breakout. There are no significant volume spikes, suggesting defensive market participation.
XRP encountered stiff resistance between $2.15 and $2.22, keeping instant bullish momentum in check. Buyers are eyeing this region as a significant level of resistance before any considerable upward surge. Price indicators have mixed messages, with oscillators failing to indicate a strong direction bias.
Resistance Levels and Market Sentiment
A relative report highlighted the $123 billion market capitalization and $3.39 billion 24-hour volume of XRP. Moving averages hint at further downside danger in case resistance does not fall. Market mood remains uncertain since the next move for XRP remains unclear among traders
The symmetrical triangle structure features a tightening price channel, which will usually lead to a last breakout. Should the buyers gain control, XRP can test its nearest resistance and head towards $3.2017 or $3.8202, as already expected. But persistent rejection near main resistance levels can cause further decline.
XRP’s price remains in a vital technical framework, and its future direction will be dictated by market forces. Traders will be watching closely whether it breaks the descending resistance or continues consolidating around support levels.
