TLDR
- XRP currently trading at $2.58, down 2% daily but up 5% weekly, as third-largest cryptocurrency faces resistance
- Price movement closely follows Bitcoin’s pattern, which recently dropped below $96,000
- Technical analysis shows a symmetrical triangle formation on 4-hour chart with key support at $2.25-$2.30
- Fibonacci retracement level at $2.468 serves as crucial pivot point
- Potential wave (iii) extension could target above $3.50 if bullish momentum maintains
XRP is consolidating at around $2.58. The digital asset has seen mixed performance, recording a 2% decline in the past 24 hours while maintaining a 5% gain over the weekly timeframe.
The recent price action shows XRP struggling to maintain momentum above key resistance levels, mirroring the broader cryptocurrency market’s behavior. Bitcoin, the leading digital asset, has retreated below the $96,000 mark, creating a ripple effect across other cryptocurrencies.
Technical analysis reveals a symmetrical triangle formation on the 4-hour chart, indicating a consolidation phase following an earlier rally. This pattern emerged after XRP reached a peak near $3.40 on January 16, 2025, and has since been trading within increasingly narrow bounds.
XRP Price
The triangle pattern is defined by two converging trendlines: a descending resistance line from the previous high and an ascending support line from the January lows. This formation often precedes a decisive move in either direction, making the current price level particularly important for traders and investors.
Current market data shows strong support levels between $2.25 and $2.30, which could prove crucial in determining XRP’s next directional move. A daily close below $2.58 might signal a bearish turn, potentially transforming this level from support to resistance.
The Fibonacci retracement analysis identifies $2.468 as a key pivot point, corresponding to the 0.236 retracement level. This technical indicator serves as a crucial reference for traders watching for potential reversal or continuation signals.
Short-term price action displays a bearish divergence on momentum indicators, though this pattern might be approaching exhaustion. The 2-hour chart suggests the price is nearing oversold conditions, which could trigger a relief rally in the coming days.
The wave structure analysis indicates a potential wave (ii) retracement in progress. If the price maintains support above the Fibonacci level, an impulsive wave (iii) movement could target the $2.75-$2.90 resistance zone.
Volume analysis shows moderate trading activity, with markets waiting for clear directional signals. A confirmed breakout from the triangle formation could see prices reach Fibonacci extensions at $3.05 and potentially $3.52, with an optimistic target of $3.86 if strong buying pressure emerges.
On the downside, a break below $2.50 might trigger a deeper correction toward the $2.29 support level. In a more bearish scenario, the price could test the critical $1.95 region, though current market structures suggest this is a less likely outcome.
The hourly timeframe reveals XRP testing the lower boundary of its consolidation pattern near $2.50. The Relative Strength Index (RSI) on this timeframe hovers near oversold territory, suggesting the potential for a short-term bounce.
Immediate resistance levels are established at $2.75, with $2.80 serving as a key bullish confirmation point. Breaking above these levels with increased volume would support the case for continued upward momentum.
Minor support zones around $2.46 to $2.47 may provide temporary price stability if previous resistance levels convert to support. These areas are being closely monitored by traders for potential entry points.
The current market structure suggests more choppy sideways price action in the immediate term. Trading volumes and price action indicate market participants are awaiting clearer signals before committing to either direction.
Recent price data shows XRP maintaining its position above the critical $2.25 support zone, though with decreased momentum compared to its earlier February performance. The latest trading session recorded a volume of $1.2 billion across major exchanges.
