XRP is approaching a decisive moment on its chart. Technical conditions and ETF hopes are setting the stage for a potential breakout.
Technical Analysis of XRP
Analysts indicate that XRP is on the verge of a significant breakout with the formation of a symmetrical triangle. The key level to watch is $3.07, which may serve as the confirmation point for bullish momentum. A successful close above this level in the coming days could open the way for higher targets.
Market Sentiment and Technical Positioning
The technical setup is further validated by the 21-day exponential moving average, located near the triangle's base. Expectations surrounding a potential XRP ETF in October foster optimism, shifting the focus toward technical signals and their impact on the upcoming trend.
Focus on the $4.20 Target
Analysis indicates that $3.99 is the first major resistance if momentum builds. The $4.20 level is highlighted as the maximum targeted level from the triangle breakout, confirming strong upward continuation if achieved.
Thus, the upcoming sessions are deemed crucial for determining XRP's direction, with success in closing above $3.07 paving the way towards $4.20.
