XRP’s Asymmetric Setup and Wyckoff Reaccumulation
- XRP is trading at approximately $2.23 after an increase of about 8–9% this week, consolidating below the yearly peak of $3.317.
- Key Fibonacci levels identified include a crucial support zone at $1.61246, with resistance anticipated around $2.90.
- The analyst projects a potential price move towards $7.50, following a Wyckoff-style breakout sequence from the current consolidation phase.
Charting Guy highlights XRP’s ongoing consolidation as part of a reaccumulation pattern, dismissing bearish narratives despite range-bound trading throughout the year.
As long as XRP maintains support between $1.61 and $1.70, it is seen as preparing for a significant upward move, potentially reaching $7.50 following a final test below this range.(Source)
