XRP Price Hints At Symmetrical Triangle, But A Crash Could Come Before The Surge

The XRP price is currently hinting at a symmetrical triangle, which could provide a bullish outlook for the cryptocurrency according to crypto analyst CW23. However, there is a warning that a price crash could occur before XRP breaks out of this triangle and rallies to the upside.

CW23 mentioned that XRP is bouncing off the bottom of an ascending channel and a symmetrical triangle may be forming. This suggests that XRP could trade in a range for a while before potentially experiencing a larger wave 4 pullback in the Elliot wave, followed by a rally to a new all-time high of $5.

Another analyst, ElmoX, predicted that XRP could see a corrective drop below $2 before rallying to new highs, potentially reaching $20 in this market cycle. Dark Defender stated that XRP has finalized its correction on the four-hour time frame and is expected to move towards $2.42 before making a real move to the upside.

Multiple analysts have highlighted support and resistance levels for XRP, with the current price trading around $2.24. The market sentiment remains bullish, with expectations of reaching new highs in the near future.