The cryptocurrency market has recently shown limited activity, with XRP trading in a narrow range. Technical signals suggest that this phase may soon change.
XRP's Technical Structure
Crypto analyst Xoom highlighted XRP's technical setup by sharing a chart showing the token within a descending triangle. He emphasized that the market will soon stop its sideways movement, and the structure is nearing its conclusion.
> "XRP's triangle seems to be closing into itself in the next 7-8 days. I'm not saying it will moon in 7 days; I'm showing what the chart shows." — Xoom.
Price Performance and Analysis
XRP's recent volatility has been marked by underperformance in late August and early September. Sellers have repeatedly tested the lower boundary of the triangle, bringing the price close to the highlighted support area. The token now trades around $2.8, holding just above the lower red support line marked on the chart. The descending trendline illustrates a sequence of lower highs, reflecting persistent selling pressure over the past month. Meanwhile, the support region beneath $2.8 has held on several occasions, preventing a decisive breakdown. This combination has narrowed the trading range, leaving XRP consolidating in tight territory.
Future Resistance Level
The horizontal resistance level just above $3 is critical for XRP to regain momentum. Until a breakout or breakdown occurs, the triangle remains the dominant formation governing price behavior. As Xoom noted, it is common to see a move before the triangle fully closes. Technical compression suggests that market participants are waiting for confirmation in either direction.
Under current conditions, the XRP market shows tightening, which could lead to significant changes in the coming days. Analysis indicates that support and resistance technical levels will be crucial for further price dynamics.
