- XRP is consolidating inside a symmetrical triangle, with a major breakout likely above $2.24 or below $1.87.
- Hashkey has launched the HashKey XRP Tracker Fund, the first product focused on XRP in Asia.
- Ripple has been named as an early stage investor in the HashKey XRP Tracker Fund.
XRP faces a critical decision point on the charts this Friday, April 18th. Its price is tightening dramatically, squeezed inside a symmetrical triangle pattern between converging trendlines.
While the Balance of Power (BOP) indicator reads negative and trading volume dropped 30% in the past 24 hours, XRP trades at $2.06 , attempting to reclaim the 20-day EMA at $2.09.
What Does the Symmetrical Triangle Suggest for XRP?
On the daily chart, XRP is consolidating inside a symmetrical triangle. This classic chart pattern reflects indecision and a potential buildup of energy for a breakout.
The apex of the triangle is fast approaching, suggesting that a decisive move is likely within days.
Source: TradingView
Currently, XRP is trading near $2.06, with resistance at the descending trendline around $2.24, and support at the ascending base near $1.87. A breakout above $2.24 could initiate a strong bullish leg, while a drop below $1.87 would invalidate the setup and risk further downside and trigger a retest of support levels at $1.60 and $1.55.
What Are Other Technical Indicators Showing?
Bollinger Bands are tightening considerably, with the upper band at $2.23 and the lower band at $1.87—mirroring the triangle’s boundaries. This volatility compression often precedes explosive moves.
Related: XRP Holds Strong at $2.05 While ETH Risks Falling to $1,100 This Month
The Balance of Power (BOP) is currently negative at -0.17, suggesting that bears are still in slight control of momentum. However, BOP tends to be reactive near key levels, so a breakout in either direction would likely flip this indicator quickly.
Are There Fundamental Factors Affecting XRP?
Beyond the charts, XRP has been gaining traction lately. Crypto investment manager HashKey Capital has debuted its HashKey XRP Tracker Fund, the first XRP-tracking investment product in Asia.
Notably, Ripple itself is an early investor in the fund. HashKey stated the fund aims to “make it easier to invest in XRP.”
Related: Ripple vs SEC Aftermath: Court Ruling on XRP Sales Now Key to IPO Future
Meanwhile, Ripple and the US SEC have put a pause on their long standing legal battle, potentially discussing settlement.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
