XRP has shown significant volatility over the years, presenting both challenges and opportunities for investors. As highlighted by Charting Guy, XRP’s price action is consolidating within a symmetrical triangle pattern on the monthly chart, a formation that has persisted since pre-2017. This period of consolidation was followed by a notable breakout around 2017, resulting in a sharp price increase.
XRP trades within a large ascending triangle, a pattern often seen as bullish. This setup indicates that while there is a clear long-term resistance level around the $2 mark, the support level is steadily rising. This rise in support suggests accumulation and potential upward momentum for XRP.
Key support and resistance levels are crucial to understanding XRP’s price dynamics. The upper boundary of the ascending triangle at $2 serves as a major resistance level. Previous price rallies have encountered selling pressure within the $1.00 to $1.50 range.
On the support side, the $0.30 to $0.50 range, which forms the lower boundary of the ascending triangle, is significant. Another critical support level from earlier consolidation phases is around $0.20.
XRP Poised for Significant Breakout: Analysts Highlight Bullish SignalsMomentum indicators offer additional insights into XRP’s potential price movements. The Relative Strength Index (RSI) on the monthly chart is about to break a 6.5-year downtrend, indicating a bullish cross. This breakout could signal increased momentum for XRP. Moreover, the RSI has been forming a descending triangle pattern, suggesting that momentum could increase once this pattern breaks.
XRP/USD 1-week price chart, Source: TradingView
The current XRP price stands at $0.541182, with a 24-hour trading volume of $2,345,847,466. Over the last 24 hours, XRP has risen by 1.74%. The 1-week RSI reads 51.70, placing XRP in a neutral position, neither overbought nor oversold. However, the 1-week MACD trading below the signal line suggests some short-term downward pressure on XRP.
