XRP Price Shows Bullish Symmetrical Triangle Formation Amid Potential Drop
Crypto analyst CW23 has indicated that the XRP price may be forming a symmetrical triangle, suggesting a potential bullish trend. However, he cautioned that there might be a price drop before any upward movement occurs.
XRP Price Analysis
- CW23 noted that XRP is bouncing off an ascending channel's bottom and experiencing upward pressure.
- A larger wave 4 pullback in Elliott Wave theory could see XRP drop to $1.70 before rallying to a new all-time high (ATH) of $5.
- ElmoX predicted a corrective drop below $2 for XRP before it may reach highs of $20, citing resistance at $2.9.
Correction and Support Levels
- Dark Defender stated that XRP has completed its correction on the four-hour chart and expects a move towards $2.42.
- Support levels identified are $2.22 and $2.04, while targets include $4.2932 and $5.8563.
- CasiTrades emphasized the need for XRP to hold above $2.04 and $2.11 to maintain consolidation, with breakout levels at $2.25 and $2.70.
Currently, XRP is trading around $2.24, reflecting a 2% increase over the last 24 hours, according to CoinMarketCap data.
