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XRP remains in a sideways trading range and the price is currently down by more than four percent. For the breakout to be confirmed, XRP needs to break above the $2.51 level. This level is an important first indication that the low is likely in and the market could begin to move higher.
Although there was a rally yesterday, the price failed to exceed this key resistance level, meaning the breakout is not yet fully confirmed. The $2.72 level is even more critical. If XRP surpasses this level, it would mean a full breakout from the triangle pattern, signaling a potential bullish move.
Understanding the Difference Between Indication and Confirmation
It’s important to differentiate between indication and confirmation. If XRP moves higher but fails to break above the high of $2.72, it could be an extension of the triangle rather than the completion of the pattern.
Breaking above the high is crucial for confirming that the triangle pattern is complete and that the price is ready to move in a new direction. However, until we see this level broken, there is still a possibility the triangle could extend.
Critical Support: $1.96 Level
Another important level to watch is $1.96, which serves as a key support area. If XRP falls below this level, the triangle pattern would be invalidated, and the market could enter a larger bearish structure. This level remains a critical point for the bullish thesis to hold.
Patience is Key
These consolidations are often slow and boring, which is the case with XRP right now. However, patience is required during this phase. As long as XRP stays above the support levels between $2.24 and $2.23, the market could still focus on higher price action.
