Crypto trader Arthur recently provided a detailed analysis of XRP’s price action, following a bullish breakout from a symmetrical triangle pattern on the daily chart. His commentary, supported by technical indicators and key price levels, offers valuable guidance for XRP holders amid ongoing market developments.
XRP holders, here is what you need to know about yesterday's breakout THREAD👇🧵 pic.twitter.com/8Wijkmi3yf
— Arthur (@XrpArthur) January 12, 2025
The Breakout and Volume Dynamics
Arthur’s analysis begins with the observation of a bullish breakout from a symmetrical triangle, a pattern known for indicating potential price continuation. While the breakout signals optimism, he stressed the need for confirmation, as it lacked a substantial surge in volume.
The absence of significant selling pressure suggests that sellers might be exhausted, while the low volume during the pullback indicates a temporary correction rather than a reversal. This combination hints at the likelihood of sustained upward momentum.
Technical Indicators and Key Levels
The Relative Strength Index (RSI) stands at 59.72, showing moderate bullish momentum. Arthur noted that the RSI remains below the overbought threshold of 70, leaving room for further upward movement. Importantly, there is no divergence between the RSI and price, supporting the integrity of the ongoing trend.
Arthur identified $2.50 as a critical support level, likely to be retested as XRP consolidates. If it holds, this level could act as a springboard for a continued rally. Stronger support lies at $2.20 and $1.80, which align with previous accumulation zones.
On the upside, $2.80 emerges as the first major resistance, representing a recent high, while $3.00 serves as a psychological level where traders may take profits.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Bullish vs. Bearish Scenarios
Arthur outlined two primary scenarios. In the bullish case, XRP successfully retests $2.50 as support, with buying momentum increasing and the RSI staying above 50. This could pave the way for a rally toward $2.80 and $3.00.
In the bearish case, failure to hold $2.50 and a return to the symmetrical triangle pattern, accompanied by increased selling pressure, could lead to a decline toward $2.20 or $1.80.
Arthur’s analysis presents a cautiously optimistic outlook for XRP. While the technical setup and momentum favor continued upside, confirmation remains essential for further gains. As always, traders are encouraged to be vigilant, conduct their research, and employ sound risk management strategies when navigating the market.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter , Facebook , Telegram , and Google News
