Ripple’s XRP is currently attempting to break above the critical $2.40 resistance level. After experiencing a 5-6% dip that wiped out last week’s gains, XRP still shows potential for upward momentum. However, understanding key price levels is essential to gauge whether market sentiment is shifting.
Key Levels to Watch
XRP is presently in a consolidation phase that could persist for some time. On shorter time frames, this consolidation appears to be nearing its conclusion. A final upward move might complete a larger 5th wave, potentially pushing XRP to new all-time highs. The last Wave 4 bottomed in July 2023, setting the stage for the possible 5th wave upward.
Resistance Zones (Long-Term)
Key resistance levels include the all-time high of $3.30, reached in December 2017. Beyond that, $4.20 and $5.00 serve as the next major resistance points. If XRP achieves new highs, it’s likely to face a significant correction, mirroring the deep and prolonged decline seen after the previous Wave 2.
Short-Term Market Structure
In the short term, XRP is forming a triangle pattern, indicating market indecision. This pattern often precedes a decisive move. A breakout above $2.46 would suggest that a bottom has formed, potentially clearing the path for new all-time highs.
Current Support Levels
Key support lies between $2.29 and $2.40. A drop below $1.96 could signal a larger correction, though it wouldn’t necessarily invalidate the current triangle pattern. To maintain a bullish outlook, $XRP needs to stay above this support zone.
What’s Next for XRP?
If XRP surpasses the recent swing high at $2.46, it may mark the beginning of a rally toward new highs. Until then, the focus remains on whether the price can hold its support levels and generate a robust upward response.