Is XRP Price Breakout Finally Here? Key Levels to Watch
- DDDOriginal
- 2024-09-21 21:09:15678browse
In a recent video, More Crypto Online discusses how XRP has been moving sideways within the larger sideways correction. He highlighted the potential for a breakout
After a prolonged period of sideways movement, XRP might be gearing up for a breakout. Here are the key levels to watch.
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In a recent video, More Crypto Online discusses how XRP has been moving sideways within the larger sideways correction. He highlighted the potential for a breakout, driven by a triangle formation that could signal a bullish reversal.
With all these happenings, traders and investors are closely monitoring that market and are asking if XRP will break through the key levels or remain in its corrective phase.
XRP’s Sideways Movement And Triangle Pattern
Since early July, XRP has been locked in a sideways correction. According to More Crypto Online, this movement suggests an A-B-C pattern, with the B wave potentially forming a triangle. XRP has tested the support area multiple times, and a move to the $0.80 to $0.90 range is possible.
The triangle pattern indicates consolidation is likely before any significant movement. A breakout from the triangle could signal a bullish trend, pushing XRP toward higher price targets.
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Market Conditions And Recent Price Action
More Crypto Online mentioned that XRP’s price action has remained largely sideways for over a year, with few impulsive movements. While there have been brief upward spikes, the overall trend has been corrective. This prolonged correction has limited any strong bullish moves, leaving XRP trading in a tight range.
However, More Crypto Online suggests that the completion of the current triangle formation could lead to an upward breakout if support holds and key resistance levels are surpassed.
Key Levels For XRP’s Potential Breakout
The analyst added that for XRP to keep going up, it needs to stay above the $0.52 support level. If it does, XRP could reach key resistance levels at $0.60, $0.63, and $0.66.
Moreover, if it can break through these prices, it could go as high as the $0.86 range. But if XRP’s price drops below $0.52 support, it might fall under $0.50. This would mean it’s not likely to go up anymore, and any further upward movement will be delayed.
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