XRP Price Prediction For January 11
XRP has been showing resilience and is holding up well despite the ongoing market correction. While the short-term price action may seem chaotic, it is important to understand that XRP is currently experiencing a localized pullback within a broader correction phase. While the market is consolidating, this creates an interesting scenario for possible future moves.
Triangle pattern is about to be completed
key chart XRP Development Is a Triangle Pattern This phenomenon has been in play since December 3rd. After more than a month of price action, the pattern may soon complete, triggering price action. Whether this breakout will be to the upside or to the downside remains to be seen, but the next move could happen at any time.
Short-Term Price Movement and Key Levels
In a bullish scenario, XRP may witness an upward breakout. However, it could still fall before completing the triangle pattern. On the other hand, the bearish scenario suggests a deeper pullback before a breakdown is confirmed. While the decline looks more like a corrective pullback, it could still provide an opportunity for consolidation before an upside breakout.
Critical support and failure levels
The key support area to watch is between $2.29 and $2.23. If XRP falls below $2.29, it could test the key failure level of $1.96, which corresponds to the swing lows from December 20. At the time of writing, XRP is trading at $2.33 and is up more than 2% over the past 24 hours.
Fibonacci levels to watch
XRP must navigate several key Fibonacci levels before testing the $1.96 level. These levels, between $2.23 and $2.24, are important to watch for signs of a potential rebound or further decline. A strong reaction at these levels would provide a clearer picture of whether XRP is preparing for a breakout or collapse.
Breakout confirmation level
For a breakout to the upside, XRP needs to break above the $2.50 green line. This will be the first confirmation of a breakout. However, for the breakout to be fully confirmed, XRP must exceed the D-wave high.
