Altcoins News
By Pankaj K
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XRP has shown renewed strength after its drop to $2.70 on September 1, bouncing back to trade around $3.03.
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XRP Price Action Within a Triangle Formation
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Veteran trader Matthew Dixon highlights a contracting Elliott Wave triangle that has been developing since July.
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The triangle formation began in mid-July when XRP reached a local peak of $3.66 before dropping to wave (A) at $2.72 in early August. It then recovered to wave (B) at $3.
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Dixon outlines two potential short-term paths for XRP:
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Immediate Breakout: XRP could break above the upper trendline without needing a further pullback. This move could push the price directly toward Dixon’s target of $3.
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Pullback Before Rally: XRP might reject the upper trendline and decline to complete wave (E) near the $2.655 support level.
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According to Dixon, the probabilities of either scenario are roughly equal. Regardless of which path unfolds first, he expects XRP to eventually break out of the triangle and…
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Other analysts also see similar possibilities. Market observer EGRAG Crypto describes XRP’s current formation as a symmetrical triangle, indicating equal chances of upward or…
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On the downside, EGRAG warns that a close below $2.77 could shift control to bearish traders, with a breakdown under $2.55 representing a serious technical failure.
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EGRAG also highlights the four-hour chart, noting an ascending triangle pattern that holds as long as XRP remains above $2.973. The measured target for this formation is $3.
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Analyst Casi Trades confirms that XRP has broken out of a recent consolidation phase. She identifies $3.00 as a key pivot acting as support, with immediate resistance at $3.
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XRP’s movement within this triangle has significant implications for both traders and investors.
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The current price action also coincides with broader market trends. Macro developments, such as potential Federal Reserve rate cuts and progress in XRP ETF approvals, are…
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XRP faces a critical juncture as it tests the upper trendline of its contracting Elliott Wave triangle.
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