Ripple’s XRP is experiencing a strong surge of over 7%, currently trading at $2.42. The cryptocurrency is consolidating above the key support level of $1.96, which has been a significant milestone since 2021. This level emerged in April and May 2021 and was breached again in early December 2024. Since then, XRP has remained above this threshold, indicating stability and a shift in the market away from the volatility of previous years. This development is good news for XRP holders who have historically seen price breakouts above resistance levels quickly followed by sharp declines.

Potential for a New High for XRP

Looking ahead, XRP seems to have the potential to achieve another high. According to the Elliott Wave pattern, this could represent the fifth wave, signaling a continued bullish trend. While this is not guaranteed, the current cycle may still yield one more significant price increase.

Triangle Pattern on a Smaller Time Frame

An analysis of smaller time frames suggests that XRP is forming a triangle pattern. This structure, known as an ABCDE pattern, typically features progressively higher lows and lower highs. If this pattern holds, XRP could reach another peak before completing the triangle.

Key Support and Resistance Levels

To sustain its upward momentum, XRP must remain above the December 20 support level at approximately $0.96. A drop below this level could indicate a bearish trend, although the overall bullish outlook would remain intact.

On a micro level, XRP has room for further growth. The nearest target zones include levels between $2.42 and $2.45, followed by higher resistance levels at $2.54, $2.61, and $2.62. Conversely, if the price falls below $2.22, it could signal a move toward lower levels.

XRP enters the new year with positive prospects, but its trajectory will depend on how well it maintains its key support and resistance levels.

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