XRP is trading in a narrow range of $2.25 and $2.29, waiting to be broken out in either direction.
The symmetrical triangle chart formation indicates a possible upside projection of $4.60 in case of resistance break.
Immediate support at $2.25 remains critical to sustaining bullish momentum in the short term
XRP is presently trading near a key resistance zone, which indicates that it is poised to break out in the near term. On the XRP daily chart, XRP has formed a symmetrical triangle pattern, and over the past couple of weeks, its price has been consolidating.
The cryptocurrency is presently trading at $2.28, which marks a 0.6% one-day increase. Interestingly, the recent consolidation of XRP occurs after a solid up-move that started around early May, when buyers have had the upper hand in this market across this time period.
https://twitter.com/CryptoFaibik/status/1942102715149988110
The one-day movements have been fairly small, with prices ranging between about $2.25 and $2.29. This narrow price range indicates uncertainty as market participants remain unsure of the direction the next price move would take. Nonetheless, with an XRP break above 2.29, the next key blue-collar tag is $4.60, given the estimated triangle break.
Current Support and Resistance Levels Define Short-Term Outlook
The demand zone is found to be at $2.25, the support that has held buyer interest since the beginning of selloffs in recent times. Nonetheless, the primary resistance is seen at $2.29, at which price sellers have been thwarting price advances in previous sessions. Importantly, the fact that XRP was able to hold a price above 2.25 shows that there are ongoing buyers under this mark.
It is likely that this support zone will be instrumental in the future breakout move of XRP. With the market volatility getting higher, traders will be keen on how price is reacting around these important levels. Moreover, the wider market landscape might affect the short-term thrust of XRP.
Technical Chart Structure Highlights Potential Upside Target of $4.60
Based on the current chart setup, the symmetrical triangle pattern suggests a potential price target at $4.60. The target is equal to the height of the triangle, projected from the breakout point in the area around $2.29. XRP's breakthrough of the resistance zone may see the next phase of uptrend expedite towards this technical objective.
Until that time, XRP is stuck in-between opposing forces, resistance at $2.29 and support at $2.25. Nonetheless, market participants are still waiting to be shown by such levels the way forward. The subsequent sessions can provide more insight based on whether buyers continue to exert pressure at the current resistance zone.
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