The price action of XRP is currently consolidating within a narrowing triangle pattern, and it has entered a critical phase.
The token, which is currently trading at $2.25, is indicating that it will test its 50 EMA in the next few days; this level may determine the token's short-term trajectory.
The first line of defense for bulls is the 50 EMA, which is presently trading at about $2.15.
The strength of the market and buyers' readiness to intervene will be put to the test if XRP drops to this level.
A rebound from the 50 EMA might lead to a move back toward $2.50, a crucial resistance level that XRP has had trouble breaking.
Beyond that, $2.80, which corresponds to the triangle's upper boundary, becomes the next crucial level to keep an eye on.
The downside is that if XRP breaks below the 50 EMA, it might move toward the psychological level of $2.00, which is in line with a long-term trendline.
A deeper retracement might target $1.80, or even the 100 EMA close to $1.63, if this support is broken.
Although neither buyers nor sellers appear to be in control, the RSI is currently centered around the neutral 50 mark.
The market's indecision is indicated by the low volume, however. A breakout - or breakdown - is likely due to the triangle's narrowing structure, but this lack of momentum may postpone important price movements.
Within three days, if XRP keeps moving in the same direction, it might reach the 50 EMA.
It will determine the tone for its next major move if it recovers or breaks through this level.
Traders should keep a close eye on the $2.15 support and $2.50 resistance because these levels will probably determine XRP's immediate direction.
As the market gets ready for its next big move, patience and prudence are essential.
저작권자 ⓒ 블록테크미디어, 무단 전재 및 재배포 금지