XRP Price Analysis: Symmetrical Triangle Formation Signals Major Move
Crypto markets are buzzing with anticipation as XRP shows signs of a significant price movement ahead. According to renowned crypto analyst CW23, XRP is forming a symmetrical triangle pattern that could lead to an explosive rally – but not before a potential sharp decline. As previously reported, XRP’s technical patterns have been suggesting major price action.
Technical Analysis Points to Temporary Pullback
The current technical setup shows XRP bouncing off the bottom of an ascending channel, with a pinbar candle formation on the 4-hour timeframe indicating upward pressure. However, CW23’s Elliott Wave analysis suggests we’re entering wave 4, which could see prices temporarily drop to $1.70 before the final wave 5 pushes XRP to new all-time highs around $5.
Multiple Analysts Confirm Bullish Outlook
Supporting this analysis, crypto expert ElmoX projects an even more optimistic scenario, suggesting XRP could eventually reach $20 this market cycle. However, traders should note the significant resistance level at $2.90 that needs to be cleared first.
Key Support and Resistance Levels to Watch
- Critical Support: $2.04 and $2.22
- Major Resistance: $2.25 and $2.70
- Wave 4 Target: $1.70
- Wave 5 Target: $5.00
Market Implications and Trading Strategy
Dark Defender, another prominent analyst, confirms that XRP has completed its correction phase on the 4-hour timeframe. The next significant move is expected to target $2.42, with further upside potential once price breaks above the Ichimoku clouds.
Currently trading at $2.24 with a 2% gain over the last 24 hours, XRP’s price action suggests we’re at a critical juncture. Traders should closely monitor the key support levels at $2.04 and $2.11, as maintaining these levels is crucial for the bullish scenario to play out.