XRP Price Forms Triangle Setup With Potential Bounce Above $3
After dropping below $3, the XRP price is forming a triangle setup on the 4-Hour chart, possibly leading to a breakout. This pattern has developed since July and may conclude in the coming weeks as selling pressure diminishes.
The Support Level To Watch For XRP
Analyst TheSignalyst identified a "perfect triangle" formation amid bearish trends:
- XRP is coiling within a symmetrical triangle, with both bulls and bears contesting key levels.
- Bulls struggle to maintain support above $2.78, facing downward pressure.
- Bears are mounting resistance within the triangle, indicating a potential trendline cross soon.
Bears currently exert more control, testing the lower bound of the triangle. If this level holds, a rebound could occur, potentially increasing XRP's price by over 14% to retest the $3.2 mark. Resistance from sellers at this level will be critical for determining the future trend.
If the lower trendline fails to hold above $2.78, a breakdown could signal a sustained downtrend, invalidating the triangle setup and likely pushing XRP towards $2.5, where significant buy support exists.
