XRP News Today: XRP Rises 6.77% as Triangle Pattern Drives Short-Term Gains

XRP, the cryptocurrency, has been experiencing a steady price increase, driven by growing interest in a potential triangle formation on its chart. Analysts tracking the token suggest that the current movement may be part of a larger corrective pattern, which could influence XRP's price in the short term.

A prominent crypto analyst, Hov, has identified a triangle pattern in XRP's price chart, which is currently in its D wave. This pattern, which includes five legs labeled A through E, is common in Elliott Wave theory. XRP is nearing the lower boundary of the triangle around $1.90, with the potential for a rebound toward $2.40. The analyst noted that the triangle is showing a declining volume profile, a common indicator during consolidation phases.

According to Hov, the expected bounce to $2.40 could create the necessary space for a final E wave pullback, completing the formation. This would suggest a continuation of the overall corrective move before any breakout direction becomes clear. Decreasing volume near the triangle’s apex has interested technical traders, as historically, declining volume inside a contracting triangle points to consolidation before a breakout. This pattern has held firm so far, with XRP now consolidating between the $1.90 and $2.40 range.

The $2.40 area also serves as the triangle’s Point of Control, a price region where heavy trading activity has previously occurred. Hov noted this level may act as a magnet for the current D wave, reinforcing the idea of a short-term upward move.

Per the latest data, XRP is trading at $2.20 after a 6.77% rise over the last 24 hours. The seven-day chart shows a mild gain of 1.11%, reflecting relatively calm market behavior. This price action aligns with the ongoing triangle consolidation seen on the chart. Despite recent gains, caution remains. The structure could still shift if the B wave behaves unpredictably, though this remains a secondary concern in the current setup. Traders are closely monitoring how XRP behaves near the $2.40 resistance and $1.90 support levels.

The key levels driving the short-term outlook are $2.40 on the upside and $1.90 as support. A move toward $2.40 would support the expected D wave scenario. Any rejection or reversal near that level could mark the start of the E wave, completing the triangle.