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>>XRP is consolidating near key price points, suggesting a significant price change is imminent.

XRP is consolidating near key price points, suggesting a significant price change is imminent.

crypthub

about 7 hours ago

XRP Technical Analysis

XRP is currently exhibiting signs of technical compression, trading within a narrow range between significant support and resistance levels. The digital asset has been consistently testing the $2.79 zone, which serves as a crucial structural foundation. Analyst CasiTrades observes the price is "coiling tight" and respecting this support level across multiple timeframes.

Key Levels and Trendlines

A long-term descending trendline intersects with the $2.83 area, defining the upper boundary of this tight range. Fibonacci retracement levels around $2.84 and $2.85 also act as potential reaction zones for traders. The confluence of these levels suggests a decision point for the market.

Potential Breakout and Targets

A breakout above the trendline resistance could signal a shift towards a bullish phase. Should XRP move above $2.83 and then $3, it could indicate the start of a wave 3 impulse. Projected targets in a bullish scenario include $4 and $4.5.