XRP price: “Calm before the storm” – is an explosion imminent?
The price of XRP attracts the attention of traders as the cryptocurrency moves within a striking pattern. In the short term, there seems to be an area of tension that could lead to a strong movement. The question is whether XRP is ready for a new rise.
The XRP 15-minute chart shows a symmetrical wedge
Financial expert and crypto enthusiast Armando Pantoja spoke on X about the situation. He says of himself that he rarely performs technical analyses, but now spoke of “silence before a large increase.”
The 15-minute chart shows how the price of XRP between a falling line and a rising line below is between a falling line. This is known as a symmetrical wedge, a pattern that often precedes an outbreak.
Recently, the coin fell shortly below the lower trend line, but from a demand zone of 2.77 dollars, there was a strong recovery to well over 3 dollars after Powell’s speech last Friday. Meanwhile, price has scaled back a bit and is recorded at 2.95 dollars at the time of writing.
The Fibonacci levels also play a role in the analysis. For example, there are short-term supports at 3.06 dollars, 3.03 dollars, and 2.979 dollars. A lower fishing line is at 2.77 dollars. These levels could provide support in the event of a temporary decline.
End SEC case gives XRP space for growth
Another important factor in the recovery is the result of the dispute between Ripple and the Supervisory Service SEC. Now that this conflict is complete, some analysts expect XRP to get more room for growth. A break over the wedge could initiate a new phase.
The next target zones are 3,168 and 3,206. From the current level, this would mean an increase of 7.4 percent and 8.7 percent, each.
However, there are also signals that remind you of caution. The Relative Strength Index (RSI), an indicator that measures the strength of the price, stands at 78.75. This indicates an overbought situation, which often leads to a short cooling. A short decline may be obvious. As long as buyers defend these levels, the chance of a breakout remains.
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