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.

XRP price is forming a symmetrical triangle pattern on the daily chart, which could be setting the stage for a dramatic breakout or breakdown.

The apex of the triangle is quickly approaching, signaling that a decisive move is anticipated in the coming days.

Recently, there has been a 30% decrease in trading volume in the past 24 hours, while the Balance of Power (BOP) indicator stands in the negative territory.

On Friday, April 18, at 07:05 (GMT+2), the cryptocurrency was trading at $2.06, making a slight recovery attempt above the 20-day EMA, which is trading at $2.09.

What Is Happening Now With XRP Price?

On the daily chart, XRP is consolidating inside a symmetrical triangle pattern, with converging trendlines offering immediate resistance on the top and support on the bottom.

The apex of the triangle is rapidly approaching, which often indicates that a breakout or breakdown is likely to occur soon.

Currently, the price is hovering near the $2.06 mark. A breakout above the triangle's upper trendline, which is located at $2.24, could propel a strong bullish leg and open the way for a move toward the all-time high at $2.72.

Conversely, a breakdown below the lower trendline, currently at $1.87, would invalidate the symmetrical triangle setup and suggest further weakness, potentially leading to a retest of the support levels at $1.60 and $1.55.

What Do Other Technical Indicators Show?

Bollinger Bands are getting tighter, with the upper band at $2.23 and the lower band at $1.87, closely mirroring the triangle's boundaries.

This volatility compression is often observed before explosive moves, suggesting that a large move could be unfolding soon.

The Balance of Power (BOP) is slightly in the negative territory at -0.17, indicating that bears have a minimal edge in momentum.

However, BOP tends to be more reactive when the price is near key levels, so a breakout in either direction would likely flip this indicator quickly.

What Fundamental Factors Could Affect XRP Price?

Aside from the technical analysis, XRP has been making headlines in the crypto space.

Crypto investment manager HashKey Capital has debuted its HashKey XRP Tracker Fund, the first XRP-tracking investment product in Asia.

The fund is designed to provide institutional investors with more options to gain exposure to the third-largest token by market cap.

Notably, Ripple itself is an early investor in the fund.

HashKey stated that the fund aims to “make it easier to invest in XRP.”

Its products are currently available to professional investors in Hong Kong and other Asian jurisdictions.

Earlier this year, HashKey obtained Hong Kong’s Type 1, 6, and 9 licenses, enabling it to offer a wide range of digital asset services within the region.

The post XRP Critical Decision Point This Friday: Symmetrical Triangle Apex Approaches appeared first on Coin Edition.