XRP has been consolidating within a narrowing technical formation on the 4-hour chart, with market participants watching for a potential breakout as the pattern approaches its endpoint. The d
XRP has been consolidating within a narrowing technical formation on the 4-hour chart, with market participants watching for a potential breakout as the pattern approaches its endpoint.
The consolidation has developed since mid-August, marked by a descending upper trendline that connects a high near $1.65 from late September to current price levels. This trendline reflects consistent lower highs over the past several weeks.
Meanwhile, horizontal support has held firm around the $1.25 to $1.26 range, absorbing several tests but never breaking down. The interaction of these two lines forms a descending triangle, with XRP now compressed at the apex as the lines converge tightly.
Widely followed crypto analyst Crypto Michael (@MichaelXBT) drew attention to this setup in a chart posted on October 29. He stated there that the “XRP triangle will break within 1 week,” highlighting the urgency around a possible move.
With the compression nearly complete, buyers and sellers have little room left within the structure. Crypto Michael indicated that a resolution is likely within days, as the pattern geometry points to an imminent shift in trend.
Mini dictionary: Crypto Michael is an influential cryptocurrency market analyst known for technical analysis and trading insights, especially on platforms like X (formerly Twitter).
At the time of Crypto Michael’s post, XRP was trading at $1.2880, just above the crucial horizontal support near $1.25. The descending trendline resistance hovered around $1.29 to $1.30, compressing the trading range to its tightest point recorded during this pattern.
Such a narrowing typically signals a pending decisive move, as volume tends to fall and the asset’s price range tightens at the apex. With support and resistance in close proximity, analysts are focusing on an imminent breakout or breakdown, depending on whether buying or selling pressure emerges.
Crypto Michael’s prediction sets the end of the first week of November as the outer limit for this technical resolution. The convergence of support and resistance lines validates that this timeline is likely, as market forces cannot keep price pinned within the triangle indefinitely.
Key Levels Price Significance Support $1.25 – $1.26 Horizontal floor, tested multiple times Resistance $1.29 – $1.30 Descending trendline, immediate barrier Next resistance $1.48 – $1.50 Previous consolidation zone Recent peak $1.65 – $1.68 Post-breakout high from AugustCrypto Michael expressed confidence that the anticipated move is imminent, but did not specify a direction. The chart structure suggests two primary scenarios for XRP as the triangle resolves.
A breakout above $1.30 would position XRP to test higher resistance, starting with the $1.48 to $1.50 region, which functioned as support in the past. Should momentum extend, additional resistance sits at $1.65 and $1.68, near XRP’s previous post-breakout peak.
Conversely, a breakdown below $1.25 would remove a key floor, opening a path for further declines. Market observers are closely watching $1.30 to the upside and $1.25 to the downside, as a confirmed close beyond either level will provide a clearer signal on XRP’s next direction.
“I hope you’re ready,” Crypto Michael added, underlining the significance of the impending resolution without specifying if the breakout will be upward or downward.
The post Crypto Michael says $XRP triangle pattern will break within 1 week appeared first on COINTURK NEWS.
