Introduction
Hey friends, hope you are well and welcome to the new update on XRP. Earlier I discussed how XRP is testing a critical support level of a big symmetrical triangle on the 7-day time frame chart. This update will delve into the current situation and analyze the latest movements.
Current Support Level
XRP is still hovering around the significant support level, a long-term trend line that dates back to March 2020. This support has been tested multiple times, with notable bounces occurring along this line. Currently, XRP is again testing this trend line support, indicating its importance.
Symmetrical Triangle Formation
Along with the trend line support, XRP has encountered a downtrend line resistance forming a symmetrical triangle. Prior to this, XRP broke out of a substantial falling wedge pattern, which saw a price surge of approximately 229%. Despite this surge, XRP was unable to break the long-term resistance at 80 cents. Now, the price movement is squeezed within the symmetrical triangle.
Support and Resistance Levels
The symmetrical triangle's support and resistance lines are crucial to monitor. The uptrend line support is being tested, and any breakout from this symmetrical triangle could significantly impact XRP's price movement.
Potential Outcomes
Breakdown Scenario: If XRP breaks down from the support of the symmetrical triangle, the price target could drop to around 19 to 20 cents.
Breakout Scenario: Conversely, breaking out from the resistance could push the price target to approximately 1.50 cents.
Massive Breakout Target: Considering a broader perspective, the target for XRP, following the breakout from the large falling wedge, is around $2.
Conclusion
This was the latest update on XRP's price movement. If you found this analysis helpful, please like and follow the blog. For more trading signals, you can support me as a YouTube member or a Patreon member. Links to join are as below:
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