From TradingView · · 50s
XRP price compressing into triangle apex
XRP price bounces off trendline near 1.2700 as symmetrical triangle nears apex.
In brief
XRP price bounces off trendline near 1.2700 as symmetrical triangle nears apex. XRP price is consolidating at 1.3045 after bouncing off support near 1.2700 as the symmetrical triangle formed since mid-August nears its apex. Originally reported by TradingView.
XRP price action
XRP is trading around 1.3045 on the 8H timeframe after a wick tagged the ascending trendline near 1.26 and reversed.
Triangle structure
The symmetrical triangle began with an explosive move off the 0.9800 base in mid August, carrying price to a high near 1.70.
Key levels
Price is consolidating at 1.3045 with volatility compressing as the gap between trendlines narrows.
Next move
A reclaim of 1.4300 would confirm the trendline bounce and set up a test of the descending trendline near 1.5500.
Here's the gist
XRP price is consolidating at 1.3045 after bouncing off support near 1.2700 as the symmetrical triangle formed since mid-August nears its apex.
