XRP's price analysis shows the formation of an ascending triangle on the 4-hour chart, signaling possible further gains.
Overview of Ascending Triangle
XRP is showing signs of an ascending triangle on the 4-hour chart, catching traders' attention for significant movement potential. Analyst Egrag Crypto emphasizes that as long as the token trades above $2.973, the trend remains bullish, paving the way for a target of $3.1212 and possibly higher.
Support Zones to Monitor
According to Egrag, for the bullish scenario to hold, key support levels must remain intact. The most significant levels are the 21-period EMA at $2.957 and the 100-period EMA at $2.912, which serve as dynamic support. Traders should monitor these levels on the 4-hour chart, as sustained closes beneath them could signal weakening momentum.
Trading Recommendations
Momentum traders typically wait for a strong close above the triangle’s resistance line, confirmed by rising volume, before entering long positions. A target at $3.1212 offers a clear initial objective, while stops are often set just below the 21 EMA to manage risk. Range traders may prefer to accumulate near the EMAs as long as the $2.85 floor remains unbroken.
The current situation with XRP emphasizes the importance of holding above key levels. Market conditions and investor sentiment will be pivotal for possible growth in this cryptocurrency.
