XRP’s recent market action has hinted a key point in its market movement. At present, the digital asset has developed an ascending triangle pattern noting a possible breakout as it battles a resistance at $2.22. The recently formed figure follows a uptick move that many market analyst are expecting.
XRP is trading within an ascending triangle as resistance nears $2.22
As the ascending pattern takes its shape, a resistance level has been noted. According to Ali Chart observation, $2.22 serves as the significant resistance level for XRP. A breakout above this point could lead to a surge in price. If XRP manages to break through $2.22, the next key target lies at $2.40.
A deeper analysis indicates that, it is notable that XRP has been fluctuating within a parallel channel, moving upwards from the lower support to the upper resistance. The price reached a high of 2.24 USDT before retracing. Throughout the trading day, XRP showed an increase of 4.02%, currently trading at 2.19 USDT. The price action indicates a bullish momentum within this channel, though there is resistance near the 2.24 USDT level, suggesting that the cryptocurrency may face challenges breaking above it in the short term.
Understanding XRP’s correction structure
Another video analysis prepared by XForceGlobal indicates that the asset is still in the bull market. The analyst notes that the recent price movements indicate a critical point in its market cycle. After four months of downturn, XRP shows early signs of a completed correction, with potential for upward momentum.
Recent price action reflects a complex WXY correction. The market structure suggests that the downtrend may be a prolonged correction, rather than a bearish reversal. Key support and resistance levels, including Fibonacci retracement zones, are crucial in determining whether the asset will continue to move higher. XRP has also tested the 200-day moving average, indicating resilience.
As the market keeps on with the struggle, the current market trajectory on XRP points to a positive outlook. It can be seen that XRP has shown a continued support around the 200-day MA. If the present trend keeps the traction, XRP is set for a bullish move towards more high levels.
