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▲ XRP/ChatGPT generated image
As XRP narrows its price fluctuations within a major sideways trading range and approaches a critical turning point, expectations are growing for a strong breakout in the near future.
According to NewsBTC on May 20 (local time), an analysis suggests that if XRP decisively breaks above its key resistance level of $1.50, amidst moderately building upward momentum, it could trigger a strong rally in future trading. Crypto analyst Ali Chart diagnosed that XRP might be on the verge of a significant breakout as volatility continues to shrink in higher time frames. According to chart analysis, the Bollinger Bands on XRP's 3-day chart are experiencing their narrowest contraction in a year, a phenomenon often preceding a sharp price expansion.
However, Chart emphasized that the market is in a no-trade zone where premature position entry should be avoided until a decisive breakout confirms the future direction. The key prices currently being watched are $1.50 and $1.29. If the 3-day chart candle closes cleanly above $1.50, it is highly likely that buyers will fully seize momentum, triggering an upward rally towards the initial target of around $1.80. Conversely, if the closing price forms below $1.29, the bullish structure will weaken, potentially leading to a deep correction towards the psychological key support level near $1.
Another crypto analysis outlet, More Crypto Online, analyzed that XRP is moving within a broad corrective triangular structure after failing in an attempt to break upwards. The recent price action lacks strong impulsive wave characteristics, suggesting it remains trapped in a wide trading range for the time being. If the larger triangular formation persists in a technical scenario, it could support another upward movement as part of a future C-wave. Accordingly, key resistance levels obstructing the upside are concentrated in the $1.55, $1.60, and $1.66 zones.
Conversely, if the XRP price breaks below the key support level of $1.28, the integrity of this triangular structure would significantly collapse. Short-term support faced before reaching $1.28 is formed around $1.30, and if even this breaks, there is a risk of retreating to the final range support and deep liquidity zone located between $1.26 and $1.16. Currently, XRP is fluctuating within a corrective range, and the responsibility to prove a decisive trend reversal rests on whether buying pressure can break through the current resistance levels.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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