📈🐋Market Situation Analysis of XRP

The sharp rise of XRP has become one of the most notable events in the cryptocurrency market. The asset demonstrated a powerful breakout from a 1.5-year accumulation period, supported by a favorable news backdrop.

At the moment, XRP continues to show strength. The 0.382 level on the Fibonacci retracement successfully holds the price above the $2 mark, confirming the presence of strong support. Locally, the asset has found an equilibrium point around $2.15; however, the market allows for the possibility of a temporary decline while testing the support line (fan angle). At the same time, a structure resembling an ascending triangle is forming, which is a bullish signal.

Long-term Prospects

From the perspective of Elliott Wave Theory, XRP is moving within the framework of the 5th wave, the peak of which can be expected in the range of $3.7. However, considering the current information backdrop and the overall market condition, there is a likelihood that the price may exceed these expectations.

Institutional Interest

Notably, over the past week, large investors 🐋 (whales) have been actively accumulating XRP. This confirms a high interest in the asset.$XRP