Ripple’s XRP is currently trading in the green zone as the price continues to move within a triangle pattern, indicating indecision in the market. It’s difficult to predict whether this pattern will turn bullish or bearish, but this type of consolidation often portends a big move in either direction. Currently, the price is staying within a defined range and the market is trying to decide its next move.
Sideways movements may feel boring, but they are healthy market movements that can create strength before the price starts to rise. As long as XRP holds key support levels, especially the $2.04 price level, the bullish trend will remain intact. A breakout beyond this consolidation phase could send XRP to test higher levels, $3 could be the next resistance level and push it much higher towards all-time highs.
Price levels to watch out for
$2.04 support: This is an important level for XRP. If the price remains above this level, the bullish scenario remains intact. A decline below $2.04 would invalidate the near-term bullish outlook and open the door to a bearish reversal.
$3 resistance: If the price rises, $3 will become an important resistance area. A successful break above this level could pave the way for XRP to reach all-time highs.
bearish scenario
If XRP falls below the $2.04 level, a bearish scenario becomes more likely. In this case, the price may move lower, targeting the support area between $1.8 and $1.79. A sustained decline below $2.04 could mean the market is preparing for a larger correction, and further declines could follow.
As of this writing, XRP is trading at $2.17 and is up more than 1% in the last 24 hours.