$XRP 2Hr Chart Analysis

Price is consolidating within a bullish pennant formation after a strong prior impulsive leg. This type of pattern generally reflects a pause in trend before potential continuation, but confirmation is still needed.

🔹Support zone: $3.15 – $3.17 (lower pennant trendline) — maintaining this keeps the bullish structure intact

🔸Immediate resistance: $3.25 – $3.28 (mid-pennant pivot)

🔹Major breakout point: $3.32 – $3.35 (upper pennant boundary)

🔸Macro support: $3.05 – $3.10 (trend invalidation area)

Pattern Structure :

The preceding leg into the pennant was a steep bullish run, indicating strong underlying momentum before consolidation

Price is currently testing the lower support zone; a strong bounce here could set up a retest of the upper boundary

Volume has been contracting during consolidation — typical for a pennant — but watch for a spike in volume to confirm the next move

⚡ Probable Scenarios:

1. Continuation Scenario: Break and close above $3.35 with increasing volume could trigger a bullish leg continuation in line with the pennant pattern’s measured move logic

2. Deeper Pullback: A breakdown below $3.15 could open room for a corrective wave toward the $3.05 – $3.10 macro support before bulls attempt recovery

Conclusion : The structure remains constructive as long as the $3.15 floor holds. Traders should watch for compression to reach its apex — the closer to the tip, the more explosive the eventual breakout tends to be.