XRP has recorded varied market movements, with the current trajectory hinting at a consolidation within a descending triangle pattern testing its key support levels. The current traction points to a possible upward movement depending on the resistance level reaction.
Analyzing the descending triangle formation
In a recent post on X by Rose Premium Signals, it was noted that if XRP gets past the established resistance, it can rally to its next significant levels. The first forecast is set at $3.2017, and the second at $3.8202. These are crucial areas that XRP must rally past in order to keep the uptrend going.
A descending triangle is typically seen as a bearish pattern. But in this case, it has the potential for a bullish breakout. The lower highs and horizontal support indicate that XRP is testing its limits. A move above the resistance line would confirm a breakout and could pave the way for further upward momentum.
The path ahead for XRP and current market action
For any significant price movement, volume confirmation is essential. The potential to break above the resistance on the descending triangle will conclude if XRP will invite bulls, initiating a rally towards the set target points. According to CoinMarketCap data at the time of press, XRP’s current price is $2.51, representing an 8.54% increase in the last 24 hours.
Currently, the market capitalization is $146.05 billion, which is 8.54% higher compared to the value at this time yesterday; the trading volume is $10.61 billion, 257.85% more than in the past 24 hours. At present, XRP maintains 58.1 billion in circulating supply while total supply counts to 99.98 billion, and its maximum limit is set at 100 billion. The price of XRP maintained a tight area today before hitting a temporary high point at $2.53.
