CandleFocus

Symmetrical Triangle Tightens, Is XRP Primed for a Rally to $3.77 or Beyond?

Author: Content Editor
The price of XRP is currently trading near $2.4764 and is showing diminishing volatility within a symmetrical triangle pattern. Analysts believe this is a consolidation phase and predict an imminent breakout. Key levels to watch are $2.5500 and $2.0700, which will determine whether the price moves upwards or downwards. The projected breakout date is January 31, 2025, with a potential upper breakout target of $3.7750. If the breakout is bearish, prices could test $1.3700. Local supports and resistances at $2.0700 and $2.5500 are also important to watch. In the broader weekly timeframe, XRP exhibits a bullish Elliott Wave structure, and the ongoing wave (5) is projected to test higher resistance zones, with Fibonacci extensions targeting $6.8861. Key historical levels provide support during pullbacks. Increased market interest is confirmed by volume data, and breaking above $2.5500 could lead to a sharp rally. Maintaining key supports and testing resistances will determine whether XRP reaches new highs.

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