XRP Breakout Alert: $3.46 Targeted as Key Levels Hold

• XRP tests critical support levels, signaling the potential for significant price movement.
• A break above $3.46 could set XRP on a bullish trajectory, surpassing ATH.
• Triangle formation at apex forces a key decision that could drive price action.

XRP’s recent price action signals a potential breakout as it bounces off critical support levels, setting its next target at $3.46. After testing the .382 Fibonacci retracement level, XRP is consolidating between the .236 support and a key trendline.

Analysts suggest this tightening range could lead to a significant price move, with the updated extension target surpassing its previous all-time high of $3.35 on Binance.

CasiTrades highlights that XRP’s current setup aligns with a larger ABCDE correction pattern that initially failed but has regained relevance. With the market poised for action, XRP traders are closely watching whether the digital asset can sustain bullish momentum and break past its key resistance levels.

The ABCDE Correction Pattern

Zooming out, XRP’s price action reveals a structure tied to the larger ABCDE correction pattern. While this pattern initially failed, it is now regaining importance as the price navigates key levels. The trendline’s renewed significance could shape XRP’s trajectory, determining whether it continues upward or encounters resistance.

The ongoing consolidation near the apex of this pattern suggests an impending decision point. Breaking above this structure could validate a bullish continuation, while failure might lead to a temporary pullback or consolidation phase.

The $3.46 Target: Breaking the All-Time High

XRP’s next significant hurdle is the $3.46 price target, which would surpass its previous all-time high of $3.35 on Binance. Analysts agree that breaking this resistance is critical for establishing a new bullish trend.

Read also: XRP Leads in Social Metrics Despite Altcoin Market Drop

However, if XRP fails to sustain momentum above the $3 mark, it risks forming resistance, which could delay upward movement or even lead to short-term declines. Traders are advised to monitor these levels closely as XRP approaches a pivotal moment in its market cycle.

Consolidation at Triangle Apex: Decision Time for XRP

The price of XRP is consolidating near the apex of a triangle formation, which forces a decision on its next move. The combination of tightening ranges and the overarching trendline is creating a crucial inflection point for the cryptocurrency.

If XRP manages to break through the resistance created by the triangle’s upper boundary, it could ignite a sharp rally, taking it closer to the $3.46 target. Conversely, failing to break out may result in a prolonged struggle to reclaim higher levels.

At the time of writing, XRP is trading at $2.44, up 4.60% over the last 24 hours. The cryptocurrency’s 24-hour trading volume has surged to $12,867,474,292, reflecting growing interest from market participants.