- XRP’s ascending triangle signals potential breakout toward $3.12122 target.
- Key support levels at $2.973, $2.957, and $2.912.
- Traders watch for price action to confirm upward movement soon.
According to EGRAG CRYPTO, a renowned cryptocurrency analyst on X, XRP’s technical setup has caught the attention of traders today as it continues to form an ascending triangle pattern on its 4-hour chart.
This pattern is typically a bullish signal, suggesting the cryptocurrency may be gearing up for a breakout. However, the outcome depends largely on key support levels that need to hold in order to confirm a potential move to higher prices.
As per Egrag, XRP’s important support is at $2.973. The rising triangle formation is valid as long as the price does not drop below this threshold, and XRP may experience a breakout to reach the target of $3.12122. This would be a major progress in the existing uptrend.
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Key Support Levels to Watch for a Successful Breakout
In addition to the triangle’s support, the 21 EMA and 100 EMA also play vital roles in determining the direction of the price. The 21 EMA stands at $2.957, and the 100 EMA stands at $2.912.
These moving averages are other support zones. If XRP cannot maintain its present levels, the 21 EMA and the 100 EMA may be vital help before it can pull out any further. If these levels fail, the next level of support that will be observed is $2.85.
With the breakout target around $3.12122, traders are focusing on how XRP reacts to these key levels. A successful breakout would likely result in the cryptocurrency testing higher prices in the future. However, its capacity to sustain support is one of the significant aspects that will determine the future price direction.
With the price moving further to consolidate within the triangle, traders will have to monitor these support levels today. Any meaningful move south of $2.973 may bring on a shift back to $2.85, which would suggest a change in market sentiment.
For now, the XRP community remains hopeful that the cryptocurrency will hold above these key levels, maintaining the potential for further upward momentum.
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