The News Crypto -
- XRP is at a pivotal moment, potentially on the verge of a major price shift.
- It has been in a symmetrical triangle pattern since reaching $0.95 in July 2023.
- The bullish momentum that started in 2022 waned over the latter part of that year.
XRP finds itself at a pivotal moment, theoretically days away from a major price breakout or breakdown. The cryptocurrency has formed a symmetrical triangle pattern on its chart as buyers and sellers fight for control.
XRP has been confined to the triangle structure since its surge to 2023 highs of $0.95 this past July. That rally also represented a bullish break from years-long horizontal resistance. But upside momentum faded over the second half of 2022.
XRP struggles to regain ground
The token’s struggle to regain ground has formed a symmetrical triangle via a rising support trendline and descending upper resistance. As the pattern reaches its apex point, analysts expect an explosive move outside the formation.
Triangles typically resolve in the direction that prices break out. A daily close above $0.60 resistance would imply 15% upside toward the July highs. But failing to hold above-key $0.55 support risks a steeper 15% drop to $0.46.
Near-term readings suggest the probability may favor the bears. XRP shows a bearish divergence between lagging price action and its downward-sloping relative strength index (RSI). The momentum gauge also resides below 50, signaling to strengthen downside momentum.
Crypto analyst Ben Armstrong counters with a contrary take. He spies a bullish falling wedge pattern on XRP’s log chart that could spark an upside breakout. However, analysts broadly agree that XRP sits at a crucial inflection zone that could determine its medium-term trend.
The token likely needs a catalyst to choose a direction decisively. That could come from either a deterioration in broader risk sentiment or renewed enthusiasm if crypto markets can build on recent stabilization efforts.
For now, the direction is anyone’s guess. But the symmetrical triangle’s tightening range means the suspense should resolve shortly. A 15% move could simply mark the beginning of a more significant trend in either direction.
Traders anxiously anticipate the coming move as XRP nears its moment of truth. The wait is nearly over to see whether bulls or bears will emerge from this technical standoff.
This article was originally published on thenewscrypto.com
