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With the asset trading within a descending price channel that will soon lead to a breakout, the XRP price chart presents an interesting scenario. After a parabolic rise, the pattern is a typical consolidation level produced in a descending channel, indicating an increase in momentum for the next important move.
With XRP's latest peak above $2.80, the descending channel has been a correction level. The consistent trading volume and relative strength index, which is hovering around overbought levels but not showing any real frustration, shows that XRP remains fundamentally strong despite this decline.
The price has maintained higher levels and shown resilience near the $2.30 support level, which is a sign of continuation. Upon closer inspection, the upper limit of the descending channel, currently at $2.50, is a critical level to watch for a new breakout. If this level is definitely broken, it could be the starting point, sending XRP back to the highest levels and maybe even beyond.
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In contrast, if XRP does not break out, there may be another opportunity to rally if there is a retest of the lower support around $2 or the 26 EMA. XRP's performance is also heavily influenced by general market sentiment. As activity continues to grow on the larger cryptocurrency market and the expectation of regulatory clarity, XRP may be poised for a major rise.
The next target may be $2.80 if the break occurs, followed by the psychological barrier at $3. As XRP moves closer to the top of the descending channel, the next 48 hours will be critical. Patterns that could lead to continued movement should be resolved, especially if the measure is still strong. Regardless of whether the break occurs on the upside or downside, it is clear that XRP is preparing for a big move.
Patience and close attention to the breakeven rate is essential for investors. Although a rejection could provide another opportunity to buy at lower levels, a strong break could indicate a resumption of the bullish trend.
Source: https://u.today/xrp-breakout-might-happen-in-2-days-key-pattern-to-watch
