XRP Struggles to Break $2.40
Ripple's XRP is currently facing challenges in surpassing the $2.40 mark. Over the past few days, its price has dropped by 5–6%, erasing some of the gains made in the previous week. Despite this, there’s still potential for upward movement if XRP holds key support levels and market sentiment remains positive.

Key Levels to Watch
XRP is in a consolidation phase that may persist but could also be nearing a potential breakout. Recent upward movements may signify the completion of a larger "Wave 5," which could push XRP to new all-time highs. Previously, "Wave 4" bottomed out in July 2023, and the market now appears to be progressing upward.

Long-Term Resistance Zones
Key resistance levels include:

  • All-Time High: $3.30 from December 2017.

  • Additional Targets: $4.20 and $5.00.

If XRP reaches new highs, a significant correction could follow, similar to the previous "Wave 2." Such a correction may be deep and prolonged, warranting caution.

Short-Term Market Structure
In shorter timeframes, XRP is forming a triangle pattern, signaling market indecision. This pattern often precedes further upward movement. A breakout above $2.46 could indicate the formation of a new low, potentially paving the way for new all-time highs.

Key Support Levels
Crucial support levels include the range between $2.29 and $2.40. However, if XRP falls below $1.96, it could suggest a deeper correction, although it may not necessarily invalidate the current pattern. To maintain a bullish outlook, XRP must stay above this "green support zone."

What’s Next for XRP?
If XRP surpasses $2.46, it could signal the start of a move toward new all-time highs. Until then, the focus will be on whether the price can hold key support levels and trigger a strong market response.

This outlook depends on market dynamics and overall sentiment in the cryptocurrency space.

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