XRP Forms Tightening Symmetrical Triangle, Currently Trading at $1.13 With $2 Resistance in Focus

XRP-2.53%

According to XRP Update, XRP is forming a tightening symmetrical triangle and currently trading at $1.13, with the pattern approaching a critical level. The on-chain metrics provider notes the cryptocurrency has compressed within descending resistance and ascending support lines after months of consolidation, with the triangle's apex rapidly narrowing.

CoinCodex reports the first key technical milestone for bulls would be reclaiming the $2 psychological level. XRP has also displayed hidden bullish divergence alongside rising RSI lows, signals some analysts view as indicators of strengthening underlying buying pressure.

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