- XRP declined over 4% in 24 hours due to renewed tariff tensions from Donald Trump, extending weekly losses to around 14%.
- XRP is testing key support at $1.61, which forms the lower boundary of a symmetrical expanding triangle pattern and coincides with the 200-day moving average.
- A successful bounce and break above $1.85-$2.30 resistance range could signal bullish reversal with potential rally toward $3.00.
- Failure to hold the triangle support could lead to further decline toward $1.30 or lower, potentially triggering stop-loss cascades.
Date: Wed, April 09, 2025 | 05:36 AM GMT
The cryptocurrency market has witnessed another sharp fall in the past 24 hours due to renewed tariff tensions triggered by former President Donald Trump. As a result, Bitcoin (BTC) and Ethereum (ETH) are down by 3% and 8%, respectively.
Among the altcoins, XRP also took a hit — declining by over 4% in the last day and extending its weekly drop to around 143. This decline has brought XRP to a critical technical point: it’s now testing a key support level that may determine its short-term future.
Testing Support of Symmetrical Expanding Triangle Pattern
On the daily chart, XRP appears to be forming a symmetrical expanding triangle, a pattern that can lead to either a breakout or breakdown, depending on how price action behaves around key levels. XRP tested the lower boundary of this triangle around $1.61 on Monday and has been hovering just above that level since.
This area also overlaps with major support from the 200-day moving average (200 MA) and is not far from the 50-day MA — creating a confluence zone. If XRP manages to bounce from this point and break back above the $1.85 – $2.30 range (where the moving averages lie), it could signal a bullish reversal. That scenario may even open the door to a rally toward the $3.00 resistance.
On the flip side, failure to hold the lower trendline of the triangle could lead to further downside. A breakdown from this formation might push XRP into deeper territory, potentially revisiting earlier support zones around $1.30 or lower, which could spook investors and trigger stop-loss cascades.
What’s Next?
All eyes are now on how XRP behaves in the coming days. Will it defend this crucial support and reverse, or will the expanding triangle break down under pressure? With macroeconomic tensions still looming and market volatility high, traders should proceed cautiously.
Key Support: $1.61
Resistance to Watch: $1.85 (200MA), $2.30 (50MA)
Bullish Confirmation: Break above 200 MA
Bearish Risk: Drop below expanding triangle support
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