Over the past week, the price of XRP has retreated from $1.465 to $1.3835, exhibiting a typical tug-of-war between bulls and bears. Each time the price rises to the resistance area, it is quickly suppressed by strong selling pressure, failing to form a sustained breakout. The opening price on March 4th was close to $1.465, marking the highest trading volume of the week, but it was immediately met with concentrated selling, with the price falling all the way to $1.34, with almost no significant rebound in between. However, this level became a key support, and the price then slowly recovered to $1.375 between March 7th and 8th, before falling back to around $1.34.
On March 10th, the market saw a significant rally, with the price quickly surging from $1.37 to $1.432, marking the highest point of the week and accompanied by significant buying volume. However, this rise lasted only a few hours before quickly reversing back to $1.375, with both attempts to reach the $1.415 and $1.432 areas being effectively repelled. This rapid reversal clearly reveals the firm defensive will of the sellers in this area.
Currently, the XRP price is stable at $1.3835, slightly above the dynamic equilibrium line for the week. However, the failure of the March 10th surge to continue indicates that its technical structure has not undergone a fundamental change.
From a daily chart perspective, XRP has been in a descending triangle consolidation pattern since the high point of over $3.00 at the end of 2024: the upper side is suppressed by a constantly downward-sloping resistance line, while the lower side is supported by a long-term support line. The price is currently approaching the apex of the triangle pattern, with the upper and lower boundaries continuing to narrow, and the market is accumulating energy for a breakout.
In the short term, the resistance slope is currently located in the $1.40 to $1.42 range, which is highly consistent with the price area that was repelled twice on March 10th. This resistance is not a single price point, but a dynamically downward-sloping line, indicating that the bearish forces are gradually increasing. If the price fails to regain this area, it may retrace to the $1.34 support level, and if this point is lost, the possibility of a further decline to longer-term support will increase.
Conversely, if the price can break through $1.43 with sustained volume, it will constitute a true and effective breakout of the triangle pattern, with a target pointing to the $1.46–$1.47 area. If the price subsequently retraces to this breakout level and finds support, it may trigger a larger-scale rebound.
The market has now entered a critical compression phase, and the convergence of the triangle pattern cannot continue indefinitely. The choice of breakout direction is imminent.