XRP Price Forecast: Will the Asset Break Out of Its Triangle Formation?

XRP Price Forecast – XRP’s Bearish Trend Explained: Is This Just a Temporary Setback?

XRP Price Forecast – XRP has encountered a slight pullback over the past three days, dropping 7.5% after reaching a two-week peak of $2.83 on February 15, largely driven by positive developments surrounding XRP ETFs. However, due to the lack of broad market support, XRP failed to maintain this momentum, leading to a pullback that continues to impact its price.

Analyst Confirms Bearish Pressure but Sees Bigger Picture

Despite the bearish price action, EGRAG Crypto, a well-known market analyst, believes that XRP’s recent decline is part of a broader ascending triangle formation, rather than an outright collapse. He explains that this correction is necessary for XRP to fill the symmetrical triangle pattern, which began forming earlier in February after a sharp three-day drop of 18.53%.

Symmetrical Triangle Formation and Future Price Action

According to EGRAG, the recent spike to $2.83 was an early breakout, but XRP needs to consolidate within the triangle for a more reliable breakout. He emphasizes that the correction is simply part of the pattern, and once XRP fills the triangle, a more substantial breakout is expected.

For now, XRP is retesting the triangle’s edge, with the key level to watch being the lower trendline. If XRP falls below this trendline, the analyst suggests support around the $2.47 level could stabilize the asset.

Key Resistance Levels and Potential Upside for XRP Price

If XRP successfully consolidates within the triangle and breaks out, the first major resistance lies at the $2.9 mark, which has historically been a significant roadblock. A successful push beyond $2.9 could open the door for XRP to reclaim the $3 level, with the next resistance points at $3.224 and $3.4.

Currently trading at $2.53, XRP needs to maintain the $2.5 level to stay within the symmetrical triangle and avoid further downside.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.