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XRP has been showing resilience, holding up well despite the ongoing market correction. Although the short-term price action appears messy, it’s important to understand that XRP is currently experiencing a local pullback within a broader corrective phase. While the market is consolidating, this creates an interesting scenario for possible future moves.
Triangle Pattern Nearing Completion
The key chart development for XRP is the triangle pattern that has been in play since December 3. After more than a month of price action, the pattern could soon complete, triggering a price move. Whether this breakout is to the upside or downside remains to be seen, but the next move could happen at any moment.
Short-Term Price Action and Key Levels
In a bullish scenario, XRP could see an upside breakout. However, it may still dip lower before completing the triangle pattern. On the other hand, the bearish scenario suggests a deeper pullback before confirming a breakdown. While a move down looks more like a corrective pullback, it could still present an opportunity for consolidation before an upside breakout.
Key Support and Invalidation Levels
The critical support area to watch lies between $2.29 and $2.23. If XRP breaks below $2.29, it could test the key invalidation level at $1.96, which corresponds to the swing low from December 20. At the time of writing, XRP is trading at $2.33 level and is up by more than two percent in the last 24 hours.
Fibonacci Levels to Watch
Before testing the $1.96 level, XRP must navigate several key Fibonacci levels. These levels, between $2.23 and $2.24, are important to watch for signs of a potential bounce or further decline. A strong reaction at these levels would provide more clarity on whether XRP is setting up for a breakout or breakdown.
Breakout Confirmation Levels
For an upside breakout, XRP needs to break above the green line at $2.50. This would be the first confirmation level of a breakout. However, to fully confirm the breakout, XRP must surpass the high of the D-wave.
