Ripple’s XRP continues to be a focus of attention due to its recent price fluctuations. Although there was a temporary increase observed last week, it has not yet triggered the expected breakout. Experts point out that XRP is still within a triangular formation, highlighting the ongoing search for direction.
The $2.39 level holds a crucial support point for XRP and plays a significant role in its price movements. While the price briefly dipped below this level, it has managed to hold for now. Analysts suggest that there is a high probability of the price retesting this level. Furthermore, the current A-B-C-D-E triangular formation remains intact, and a breakthrough above the $2.72 level is required to confirm its completion. Otherwise, the formation may develop into a more complex structure.
Experts in the market note that triangular formations often lead to strong upward breakouts. However, XRP’s increase from $2.20 to $2.60 this week has not yet resulted in a sustainable breakout. If a breakout does occur, dropping below the $1.96 level could indicate a new market structure.
The price movements of XRP are directly influenced by Bitcoin and broader market dynamics. The recent decline in Bitcoin has exerted pressure on XRP at a micro-level. However, this situation has not destabilized XRP’s overall market structure. Analysts believe that if the market recovers, the altcoin 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, it is possible that the price could test lower levels. Nonetheless, maintaining the $2.39 level gives hope for upward movement.