XRP makes a pullback from recent high returning to its ascending support. Now at key pivot point as further decline could invalidate the bullish scenario.
Symmetrical triangle consolidation suggests a potential breakout ahead.
Fibonacci retracement at 0.236 ($2.468) is a key support level.
Wave (iii) extension target aligns above $3.50 if momentum holds.
XRP has been trading within a symmetrical triangle formation on the 4-hour chart, suggesting a consolidation phase following a previous impulsive rally.
The 1-hour chart indicates that price action is currently undergoing a corrective wave within a broader bullish structure.
On the 4-hour chart, XRP has formed a symmetrical triangle after a significant five-wave impulsive rally that peaked near $3.40 on Jan 16.
This suggests a consolidation phase where price action contracts within a tightening range.
The triangle is anchored by a descending resistance line from the prior high and a rising support trendline from the January lows.
Wave counts indicate a corrective W-X-Y structure following the peak, with the price currently testing the lower boundary of the triangle.
A decisive breakout in either direction could set the stage for the next major move.
The horizontal level at $2.468 acts as an immediate pivot point, while surpassing $2.80 would provide a bullish confirmation.
The Relative Strength Index (RSI) remains neutral but slightly leaning towards oversold conditions, indicating that selling pressure has weakened.
A bounce from current levels could suggest renewed bullish momentum, especially if XRP reclaims the $2.75 level. A retest of the critical $1.95 support zone is likely if the price breaks down from the triangle.
Fibonacci levels and Elliott Wave analysis provide key insights into potential breakout scenarios and retracement levels.
