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XRP’s price action remains relatively unchanged, with no major updates in recent developments. However, technical analysis suggests an ongoing reaction at the lower boundary of a potential triangle pattern. Here’s a breakdown of the current situation and what to watch for moving forward. At the time of writing, XRP is up by more than five percent and is trading at $2.12 level.
Key Reaction at Lower Boundary
XRP has shown a mild response to a trend line that has now touched three times. While this trend line is important, it doesn’t yet confirm the completion of a clear pattern. The current movement could be part of a deeper wave within a larger Elliott Wave triangle.
Current View: Sideways Triangle in Progress
The analysis over the past few weeks remains largely unchanged. XRP appears to be in the midst of forming a wave 4, with the price action potentially following a triangle structure. Since triangles are fragile patterns that can change unexpectedly, it’s essential to stay alert to key levels for any shifts in the market structure.
Critical Levels to Watch: Resistance and Support
- Support Levels: $1.95 and $1.90 (key downside levels)
- Resistance Levels: $2.42 (key level to watch for potential rejection)
The $2.42 level is particularly relevant as it aligns with the potential C-wave target. Historical price patterns suggest that the C-wave often mirrors the length of the A-wave, with the 61.8% extension level playing a critical role.
What to Expect Next
If XRP reaches the $2.42-$2.45 range, it could face major resistance. Additionally, the trend line in this area might prevent further upside. While there’s no guarantee that XRP will reach this zone, it’s a key area to watch.
A rejection at this level would suggest the structure is nearing its completion, potentially leading to an upward breakout. On the other hand, an impulsive move down could shift the focus to a more bearish outlook, with support levels between $1.39 and $1.80 becoming more relevant.
