Date: Sat, March 29, 2025 | 05:10 PM GMT
The cryptocurrency market has quickly taken a U-turn from its weekly recovery, as Ethereum (ETH) has declined by over 8.50% in the last 48 hours, dipping to the $1,850 mark from the $2,000 level. This downturn has added selling pressure across major altcoins as well.
Amid this downturn, XRP has also faced a decline, dropping over 3% today and extending its weekly decline to over 11%. The price action is now at a crucial juncture, where traders are closely monitoring whether it will break down from the symmetrical triangle or bounce back from support.
Symmetrical Triangle Breakdown or Bounce?
According to the latest analysis by crypto chart analyst @JohncyCrypto, Ripple (XRP) is forming a symmetrical triangle pattern on the daily timeframe. Currently trading at $2.11, the price is consolidating near a critical support zone, where a potential bounce is possible.
If buyers step in and the price manages to break above the descending resistance, we could see an upward move toward the key targets at $2.60, $2.84, $3.00, $3.21, and ultimately $3.40.
However, a failure to hold the support level near $2.00 could lead to further downside, potentially dragging the price to lower levels of interest around $1.77 or even $1.50. The RSI indicator is showing signs of oversold conditions, which may hint at a possible reversal if buying momentum increases in the coming sessions.
What to Expect Ahead?
Traders and investors should keep a close eye on the breakout direction from this symmetrical triangle. A decisive move above the resistance trendline with strong volume confirmation could signal the start of a new bullish phase for XRP. On the other hand, if the support fails to hold, a deeper correction could be in play.
Market sentiment and broader crypto trends will also play a crucial role in determining XRP’s next move. With Ethereum and Bitcoin struggling at key support levels, XRP’s price action might remain volatile in the short term.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies
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