XRP’s price has been confined within a multi-month sideways triangle pattern, recently converging at a pivotal resistance area near the 200-day moving average and the triangle’s tightening range.
As a result, a breakout seems imminent, poised to determine Ripple’s future trajectory.
The Daily Chart
An analysis of the daily chart unveils XRP’s gradual ascent, resulting in its encounter with a critical resistance zone. It encompasses the significant 200-day moving average, positioned at $0.5664.
Simultaneously, the price has approached the narrowing range of the triangle pattern, heightening the potential for an imminent breakout in either direction.
However, given the formidable resistance currently faced by the price, a rejection appears most likely, potentially