Ripple’s XRP is fighting to break past the crucial $2.40 mark after a recent dip of 5-6%, which erased last week’s gains. Despite the setback, XRP still has the potential for upward momentum. The next few days will be critical, with certain key levels acting as indicators of market sentiment and future direction.
What’s Happening with XRP?
XRP has been in a consolidation phase recently, but this might not last much longer. On shorter timeframes, there’s a chance this phase is wrapping up, and the market could be gearing up for one final push higher. This move could mark the completion of a broader 5th wave, potentially propelling XRP to new all-time highs. The last major correction (Wave 4) bottomed out in July 2023, so we might now be seeing the start of this next wave upward.
Resistance Levels to Watch
• $3.30: This is the all-time high from December 2017 and a critical hurdle for XRP.
• $4.20 and $5.00: If XRP manages to surpass its previous peak, these levels could be the next targets.
It’s worth noting that if XRP does reach new highs, a significant correction might follow, similar to previous market cycles. So, while the potential for gains is exciting, it’s important to approach with caution.
Short-Term Patterns
On shorter timeframes, XRP is forming a triangle pattern. This kind of pattern often signals indecision in the market and can precede a breakout. If XRP can climb above $2.46, it would suggest that a strong support level has been established and that new highs might be on the horizon.
Support Levels to Keep in Mind
• $2.29 - $2.40: XRP needs to stay above this range to keep its bullish momentum intact.
• $1.96: If XRP drops below this level, it could indicate a larger correction, but it wouldn’t necessarily mean the end of the current triangle pattern.
What’s Next for XRP?
If XRP can break past $2.46, it could signal the start of a major rally toward new highs. For now, all eyes are on how the price behaves around its key support levels. If these hold strong and XRP bounces back, it could pave the way for exciting moves ahead. Investors should stay cautious but hopeful as the market shows signs of potential growth.
