Ripple’s XRP has been attracting attention due to its 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 is ongoing.
XRP is currently holding a key support level at $2.39, which plays a significant role in its price movements. While the price briefly dropped below this level, it has been maintained for now. Analysts believe that there is a high possibility of the price retesting this level. Furthermore, the current A-B-C-D-E triangular formation remains intact, but a breakthrough above the $2.72 level is needed to confirm its completion. Otherwise, the formation may become more complex.
Experts in the market note that triangular formations often lead to strong upward breakouts. However, despite XRP’s increase from $2.20 to $2.60 this week, it has not yet resulted in a sustained 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 the 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, the price could test lower levels. Nevertheless, maintaining the $2.39 level provides hope for upward movement.
