XRPUSDT - FORMING A BULLISH STRUCTURESymbol - XRPUSDT
CMP - 2.5500
XRPUSDT has been exhibiting a range-bound behavior recently, currently trading within a symmetrical triangle formation, indicating potential for a breakout in either direction. This pattern suggests that there is a convergence of support and resistance, and the price could move decisively once it breaks out of this range. Price is also forming a support area, suggesting a strong foundation for a potential upward move, especially if key levels are breached.
While the symmetrical triangle is a typical continuation pattern, the direction of the breakout is still uncertain due to the consolidation phase. Both upward and downward movements are possible depending on how the price interacts with key levels in the near term. I am closely monitoring the price action at these levels, as it could provide the clues necessary to gauge the next potential move.
From a fundamental perspective, the XRP market has seen some buzz surrounding the potential approval of an XRP-based ETF. This rumor has stirred investor sentiment, making the $2.83 level an important threshold. A break and consolidation above this level could trigger a continuation of the upside, especially if positive developments around the ETF rumor materialize. This could act as a major catalyst for a rally, especially if the broader market conditions remain favorable.
Key Support levels: $2.51, $2.00
Key Resistance levels: $2.83, $3.10
If XRP manages to break and hold above $2.83, it could initiate an upward push towards higher resistance levels, potentially igniting a stronger bullish momentum. However, caution should be exercised as the price could first face a retest of support before making any significant movement.
On the other hand, we should also keep an eye on the $2.51 - $2.48 level. A break of this support level could indicate a shift towards a downward trend, sending the price to test lower supports. However, if the price holds above this level, it could form a rebound, giving bulls another chance to push the price higher.
On both the daily and weekly timeframes, the consolidation following the recent rally remains a positive sign, suggesting that the upward momentum could resume once the price breaks out of the symmetrical triangle. As we navigate this phase, both long and short setups are still valid, depending on how the price behaves in relation to these key levels.
In summary, the market is in a phase of consolidation with a potential for upside movement if key resistance levels are cleared, especially with the underlying ETF rumors providing additional bullish sentiment. On the flip side, any breach of support levels could signal a corrective phase.
