XRP Forms Symmetrical Triangle, Eyes Breakout Targeting $5
XRP is currently trading around $2.15 within a symmetrical triangle pattern, indicating potential volatility ahead. The structure shows lower highs and higher lows, suggesting indecision among traders.
Key Levels
- Resistance at $2.35 could lead to a breakout towards $5.00.
- Support located between $1.35 and $1.55 may be revisited if the price breaks down.
Technical Indicators
- Daily RSI at 44.33 signals mild bearish pressure without reaching oversold levels.
- MACD remains flat below zero, indicating consolidation.
- XRP consolidates between Fibonacci levels of $2.26 (0.382) and $1.91 (0.5).
- Price capped under 20 EMA at $2.17 with tight Bollinger Bands indicating low volatility.
Institutional Activity
- XRP approved for spot ETFs on the Toronto Stock Exchange by 3iQ, Purpose, and Evolve, enhancing market legitimacy.
- Whale wallets holding over 1 million XRP have reached new highs.
- Active addresses surpassed 295,000.
- Ripple's legal team seeks a 60-day extension, with the next court date on August 15.