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XRP’s price has recently reacted to key support regions, bouncing off important levels multiple times. If the low of the correction is in place, the price could move higher, eventually leading to another corrective phase before advancing further. This analysis will cover the current uptrend and the ongoing pattern that could shape the price movement in the near future.
Triangle Pattern in the Correction Phase
The current price structure suggests a triangle pattern is unfolding in the context of a corrective phase, which began around December 3rd. While triangle patterns are not always the most common corrective structures, they do occasionally appear, especially in wave four corrections.
XRP has shown a recurring tendency to form triangle patterns in its price action. There have been several instances of bullish breakouts following triangle formations throughout November and early December. This pattern suggests that XRP might be in the midst of another triangle formation.
Current Consolidation and Breakout Analysis
XRP is currently consolidating above the breakout point from December 1st, hinting ongoing market strength. Ideally, holding above this level would suggest the uptrend is still intact. The price has formed a series of lower highs and higher lows, which fits the structure of a triangle pattern. Each part of this pattern is corrective, showing a series of three-wave movements.
Key Levels to Watch
If the price drops below $2.41, it may signal a possible reversal and the formation of a top. This level represents the 50% retracement of the recent rally, so it’s a crucial point to watch. On the upside, the next resistance is at $2.72, the B-wave high. A breakout above this level could lead to a test of the December high around $2.90, with the all-time high of $3.30 potentially in reach if bullish momentum picks up.
