The analyst tells XRP holders what to expect in the next 7 to 8 days
$XRP The cryptocurrency market has recently shown limited movement, with XRP trading in a tight range. While overall conditions remain muted, technical signals suggest that the current phase may not last long.
Xoom (@Mr_Xoom), an active crypto analyst on X, drew attention to XRP's technical setup by sharing a chart that places the token inside a descending triangle. He stated that the market will soon stop its sideways movement and confirmed that the structure is nearing its end.
✨XRP descending triangle
According to him, "It seems that the XRP triangle is closing in on itself in the next 7-8 days." He clarified that this expectation is not a price forecast but merely a reflection of what the chart shows.
The chart shared identifies clear support levels around the $2.7 range, with lower levels drawn below it as potential negative areas. XRP tested this support in early September after a notable drop that caused it to fall below the $3 support level.
The descending trendline formed in early August, shortly after the digital asset reached its all-time high in July, has confined XRP's peaks since then, pressuring the price near the top of the triangle. This technical formation typically precedes a one-way movement, often occurring before the structure converges fully.
✨XRP price performance and technical analysis
Recent XRP price movements have been characterized by weak performance in late August and early September. Sellers have repeatedly tested the lower boundaries of the triangle, bringing the price close to the designated support area. The token is now trading around $2.8, just above the marked lower red support line on the chart.
The descending trendline illustrates a series of lower peaks, reflecting ongoing selling pressure over the past month. At the same time, the support area below $2.8 has held on several occasions, preventing a decisive breakdown. This combination has narrowed the trading range, leaving XRP to consolidate in an increasingly tight area.
✨Next resistance level
The blue horizontal level above $3 represents the resistance that XRP needs to overcome to regain momentum. Until such a breakout or breakdown occurs, the triangle remains the dominant formation that governs price behavior.
As you noticed Xoom, it is common to see movement before the triangle fully closes. Technical pressure indicates that market participants are waiting for confirmation in either direction. A sustained breakout above the descending trendline could shift momentum towards the upside, while movement below the specified support indicates renewed weakness.
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XRP
2.9094
+2.64%
