This XRP Price Pattern Signals Potential Breakout as Ripple Analyst Highlights Key Levels to Watch
Crypto analyst More Crypto Online has identified a triangle pattern in XRP’s price chart. This pattern suggests a potential breakout, with the expert sharing key levels to watch in the coming days.
The analyst’s YouTube video breaks down the long-term chart, emphasizing the importance of the 66-cent mark as a crucial breakout point.
What you'll learn 👉
XRP Pattern Indicates Market Indecision
The current XRP price movement is characterized by a sideways triangle pattern. This formation often signifies market indecision and choppy price action.
More Crypto Online explains that such patterns can lead to breakouts in either direction, making it essential for traders to remain cautious. The analyst highlights several critical price levels for XRP.
A break above 66 cents could trigger an upward surge. However, the 42.6-cent level serves as a crucial support, with any drop below potentially indicating a bearish trend.
Additionally, the 72, 81, and 88 cent marks are identified as important resistance levels to watch.
Chart Analysis Suggests Caution
More Crypto Online employs Elliot Wave analysis to interpret XRP’s price structure. This approach reveals that the current movement is primarily corrective rather than impulsive.
Consequently, the analyst advises traders to exercise caution when making decisions based on these patterns. The video outlines two possible scenarios for XRP’s price trajectory. Both involve completing a triangle formation before a potential upward move.
However, the analyst emphasizes that the micro-structures within this pattern are less reliable and subject to change.
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News-Related Price Spikes and Subsequent Corrections
More Crypto Online points out a recurring pattern in XRP’s price movements. News-related rallies often result in short-term spikes followed by extended correction periods.
Despite the present sideways trend, the analyst remains cautiously hopeful. A break above the red trend line on the chart may indicate the start of an upward movement.
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