Ripple’s XRP has been attracting attention due to recent price fluctuations. Although there was a temporary increase last week, it has not yet triggered the expected breakout. Experts point out that XRP is still within a triangular formation, indicating that the search for direction continues.
XRP is currently holding a crucial support level at $2.39, which is playing a significant role in its price movements. While the price briefly went below this level, it has managed to stay above it for now. Analysts suggest that there is a high possibility of the price retesting this level. Additionally, the current A-B-C-D-E triangular formation is still intact and a breakthrough above the $2.72 level is needed to confirm its completion. Otherwise, the formation may become more complex.
Market experts note that triangular formations often lead to strong upward breakouts. However, despite XRP’s rise from $2.20 to $2.60 this week, a sustainable breakout has not yet occurred. If a breakout does happen, dropping below the $1.96 level could indicate a new market structure.
XRP’s price movements are directly influenced by Bitcoin and broader market dynamics. The recent decline in Bitcoin has put pressure on XRP at a micro-level. However, this has not destabilized XRP’s overall market structure. Analysts believe that if the market recovers, XRP could experience a stronger upward movement.
On the other hand, XRP’s current price movements suggest that the market may also be susceptible to downward scenarios. If the triangular formation continues to extend, the price could test lower levels. Nevertheless, maintaining the $2.39 level provides hope for upward movement.
