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The next 10 days may determine the short-term trajectory of XRP, which is nearing a pivotal point on the chart. A symmetrical triangle pattern, which is known to build pressure prior to a significant breakout or breakdown, has been the asset’s pattern of consolidation. Since the price of XRP is now just a few steps away from the peak, a spike in volatility is anticipated soon.
Indecisive market
The symmetrical triangle illustrates the market’s indecisiveness: although buyers and sellers are engaged in combat, neither side has been able to seize control. In the past, depending on overall momentum and market movements, assets that reach the apex of such a triangle frequently experience a sharp move, either upward or downward.
Right now, XRP is trading at about $2.95. Support is located close to $2.80, and the triangle’s upper resistance line limits rallies around $3.10. While a breakdown could force the price back to the $2.70 zone, or even the 200-day EMA if sentiment deteriorates, a breakout above resistance could swiftly move XRP back to the $3.30-$3.50 range.
At 49, the Relative Strength Index (RSI) is in a neutral position, nearly in the middle. This supports the notion that XRP is in a waiting period before making a meaningful move, by indicating that the market is neither overbought nor oversold. However, volume has been steadily dropping, which is consistent with triangle consolidations, but also suggests that sustained breakouts will need high participation.
Important price zone
The 200-day EMA is still much lower, while the 50-day and 100-day EMAs are currently functioning as close dynamic supports. This emphasizes how crucial the $2.75-$2.80 zone is for bulls to defend.
Ten days remain until price action most likely hits the triangle’s apex, so investors should prepare for higher volatility. The state of the market as a whole will determine whether XRP breaks higher or lower, but the setup is obvious: a significant move is ahead.
Everyone’s attention is currently focused on the $3.10 resistance and the $2.80 support. XRP will finally start its next leg up once one of these levels breaks.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team