XRP is still holding its position above the $1 mark, but it’s currently trading within a sideways triangle pattern, down by more than two percent in the last 24 hours. This consolidation could signal a potential bullish move, but a clear breakout above $2 is crucial to confirm this. The $2 level remains a key resistance and breakout point, which would invalidate the current triangle pattern and set XRP on a new bullish path.
Watching Support and Resistance Levels
For now, XRP is trading within a support zone between $0.98 and $1.65, with critical levels of resistance at $1.67 and $2. If XRP can hold support and break through these resistance levels, it could validate a breakout and signal a shift towards higher price levels. Additionally, the green diagonal pattern scenario suggests that if XRP can form a five-wave move, it could lead to a larger degree rally, possibly pushing prices towards new highs.
Short-Term Outlook: Focus on Local Movements
In the short term, we’re monitoring XRP’s price action closely, particularly the support around $1.87 and the possibility of forming a more extended rally. If buyers step in and support holds, it could trigger another rally toward the upper resistance levels.
Sideways Range: No Long-Term Trend Since 2018
Despite the short-term uptrend from the July lows, the overall price action since 2018 has been more of a sideways range. While this range has allowed for some moves higher, it has also been prone to failures, with XRP often rallying only to fall back into a period of consolidation. This pattern of sideways movement is typical of corrective structures, so it’s important to stay in safe zone until the market shows stronger signs of upward momentum.
Bullish Patterns and Possible Breakouts
While the market remains in a sideways range, there are still bullish scenarios in play. For example, the yellow pattern being tracked is a bullish Elliot Wave setup, which could lead to higher highs after another higher low. The invalidation point for this pattern is the $0.29 level—any break below this level would signal a shift in market sentiment and potentially a bearish outcome.