XRP Might Retest the Symmetrical Triangle, Expert Explains What this Means

Prominent cryptocurrency analyst EGRAG CRYPTO (@egragcrypto) recently updated XRP’s price trajectory analysis. The update follows his previous analysis on Saturday, January 11, where he highlighted the increasing likelihood of a breakout in the near term.

His latest chart and analysis suggest significant price levels to monitor, including a possible move to $3.75 and beyond. The key focus of EGRAG CRYPTO’s analysis is the symmetrical triangle pattern visible on XRP’s daily chart.

EGRAG CRYPTO’s Analysis

Symmetrical triangles are often considered continuation patterns, indicating that a breakout in the direction of the prevailing trend may occur. For XRP, the recent price movement has brought it close to the apex of this formation, where EGRAG CRYPTO anticipates a decisive move.

He emphasizes that the top edge of the symmetrical triangle, currently acting as resistance, must hold for bullish momentum to continue. He states, “If it does, I can confidently say that $3.75 and potentially higher are on the table.”

Breakouts from symmetrical triangle patterns are calculated based on their heights added to the breakout point. This target would place XRP just below its peak price of $3.84, and if the asset climbs higher, it could create a new all-time high in the near term.

Key XRP Price Levels to Watch

The chart highlights several critical price levels. On the upside, the immediate targets include $2.75 and $3.55, followed by the potential extension to $3.75. A successful breakout above $2.75 would signal strong bullish momentum, potentially paving the way for XRP to challenge its higher targets.

The digital asset is currently at $2.55 after a notable breakout on January 11, which sent it to $2.59. The digital asset is up 6.5% from last week, and with the broader market also on the rise, it could climb further

However, failure to sustain the breakout could result in a retest of lower support levels. EGRAG CRYPTO identifies $2.07 as a key support level within the triangle, with further downside risks to $1.93 and $1.64 if bearish pressure intensifies. Maintaining the top edge of the triangle as support is critical for avoiding a bearish breakdown.

With XRP currently at $2.55, the breakout could happen anytime. Another notable analyst recently predicted that XRP is days away from a new all-time high, and all the positive signs the asset is currently showing could help it reach new heights soon.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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