The price of XRP is currently at $1.66, indicating an impressive rally. In accordance with Elliott Wave Theory, XRP might be about to enter the pivotal third wave of its price movement, which is frequently regarded as the strongest and longest wave in an upward trend. XRP might reach notable price levels during this phase if momentum keeps increasing.
XRP's previous moves broke above $1.00 and consolidated around $1.30, appearing to have formed the first and second waves, according to the Elliott Wave pattern. The third wave is represented by the current price surge, which was marked by high trading volume and strong momentum.
As it draws in new buyers and intensifies bullish sentiment, this wave usually performs better than the others in terms of price growth. XRP may reach significant levels during the third wave. The first target, which corresponds with past price action, is the psychological resistance zone of $180.
Beyond this, $2.00 emerges as the next pivotal level, serving as a benchmark and possible draw for traders. In terms of important price points and prospects for the future, the first notable resistance level is $1.80. If this were broken, the third wave's strength would be confirmed.
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$2.00: A psychological and historical barrier that, if broken, might encourage more FOMO (fear of missing out) purchases.
$2.20: This might serve as the third wave's upper extension if the rally persists. If the price falls below $1.30, which is a crucial support level, it may indicate a waning trend and render the wave structure invalid.
The current movement of XRP is somewhat aligning with the Elliott Wave Theory, which points to a continuation of the current tendency. However, apart from the price's movement, do not forget about the trading volume, which is the main driving force for the asset.
