XRP’s price remains above the recent swing lows, but the recent rally appears to have ended in a corrective pattern. Despite some positive price action, the market has not yet confirmed a breakout. Historically, breakouts from triangle patterns tend to show strong upward movement. However, the rally observed earlier this week did not maintain this momentum. XRP briefly rose from around $2.20 to $2.60, but the necessary breakout has not materialized.
A key support level at $2.39 was identified as critical for maintaining the uptrend. Although the price briefly dipped below this level, it remains relevant. There is a possibility that the price will revisit this support zone, especially if the market moves upward in a corrective structure before retesting it.
The current price action suggests that the triangle pattern (A-B-C-D-E) is still intact. While the price broke above the D-wave high for a short period, it did not hold. For confirmation of the pattern’s completion, a break above $2.72 is required. If the price does not break above this level, the pattern may extend or evolve into a more complex structure.
The broader cryptocurrency market is under downward pressure, largely due to Bitcoin’s recent price movement. XRP has been impacted, but the effect has been mostly on a micro level. No significant support levels have been breached, and the overall market structure remains intact. The key invalidation point for the current triangle pattern is at $1.96—if this level is broken, a major shift in market structure is likely.
While the triangle pattern suggests a potential upward breakout, a more complex structure like a WXY correction could also unfold. In this case, the price may move downward before resuming upward momentum. The failure to form a confirmed low suggests that a reversal has not yet occurred.
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