XRP holds steady at $2.00 while forming a symmetrical triangle.
Source: TradingView (XRP/USDT)
XRP is maintaining within a narrow range, forming a symmetrical triangle with gradually decreasing price volatility. This move reflects cautious investor sentiment, as FOMO (fear of missing out) remains low. The technique indicates that if it breaks below the $2.00 level, sentiment will turn more negative, and a deeper decline may occur.
However, there is still a positive point that cannot be overlooked. This index shows that XRP is currently trading nearly 300% above the low before November 2024, and the support level at $2.00 remains intact after multiple challenges. This could prove that the upward momentum still has potential, serving as a springboard for the continuation of the main trend.
The market is unclear, the possibility of a return to an upward trend still exists.
Undeniably, the current accumulation move could be a reasonable adjustment in the long-term upward trend. In particular, the current fluctuating zones reflect that the market is in a consolidation phase, waiting for a clearer signal to break out.
In recent weeks, XRP has hit the $2.00 level four times without breaking it, demonstrating strong support. Meanwhile, technical structures such as declining lows and increasing highs are forming a balanced triangle, predicting a significant movement ahead.
The narrowing Bollinger Band indicator suggests that volatility may soon explode. This often accompanies a notable move in XRP's price trend. The technique reflects the potential for accumulation before entering a stronger breakout phase.
The leverage index maintains risk control, and the market is accumulating reasonably.
Data shows that despite positive developments, Open Interest remains stable at around $3-5 billion, with no signs of excessive capital pumping as seen in November 2024. This is a sign of intentional risk control, as investors are not diving deep into overly leveraged positions.
This reflects cautious sentiment, while also reducing the likelihood of a massive sell-off or deep correction in the market. If the market turns positive, the support price of $2.00 could become a starting point for a new upward trend, opening up potential breakout opportunities for XRP.
Overall, the ability to manage positions and rational player sentiment indicates that XRP still has plenty of room to advance further in the long term.
Source: https://tintucbitcoin.com/xrp-sap-bat-len-4-tin-hieu-bullish/
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