What’s next for XRP after an 8% weekly gain?

Ripple’s consolidation within the $2-$3 range reflects a period of indecision in the market, with a break above $3 paving the way for a sustained uptrend. Its next significant trend depends on the potential direction in which the range would break out.

By Shayan

The daily chart

After failing to breach the critical $3 resistance, XRP has entered a consolidation phase within the decisive $2-$3 range. During this period, the price has formed a sideways wedge pattern. The cryptocurrency recently found support at the lower boundary of the wedge near $2, followed by a bullish move towards the upper trendline around $2.3.

A break above the upper boundary of the wedge could signal further upside momentum, potentially pushing XRP towards the $3 resistance level. Conversely, a rejection at this threshold would likely prolong the consolidation phase in the short term.

Source: TradingView The 4-hour chart

The 4-hour chart highlights a strong support region defined by the Fibonacci retracement levels of 0.5 ($2) and 0.618 ($1.9). This area has consistently acted as a primary defense for buyers, preventing significant price falls.

XRP recently recovered from there, sparking an influx of buying activity and initiating a bullish reversal.

Despite this recovery, the altcoin remains confined within the $2-$3 range. Buyers are making attempts to push the price towards the upper limit, but a valid breakout is needed to determine its next major move. Until this breakout occurs, expect further volatility and continued consolidation.

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