XRP’s Symmetrical Triangle: The Tipping Point
XRPUSD is consolidating within a symmetrical triangle, positioned near the all-time high (ATH) resistance zone. This structure reflects indecision in the market as the price holds above the EMA Ribbon , which remains bullish, while also facing significant resistance.
The TSI has been declining; however, the price has maintained its range, indicating that the bullish trend remains supported.
If the price breaks out of the triangle, the projected targets are $3.83 on the upside and $1.33 on the downside, with the latter aligning with a demand zone.
Traders are advised to monitor the breakout direction and use the previous swing low or swing high as a potential stop-loss level, as the outcome will likely dictate the next significant move.
👨🏻💻💭 What’s your take on this consolidation? Will XRP break higher or retest lower levels? Let’s discuss below!
_________________________________________________________________
The information and publications within the 3Commas TradingView account are not meant to be and do not constitute financial, investment, trading, or other types of advice or recommendations supplied or endorsed by 3Commas and any of the parties acting on behalf of 3Commas, including its employees, contractors, ambassadors, etc.
