XRP has been trapped in a prolonged sideways market structure since 2017. This extended consolidation phase has left many investors uncertain about its future trajectory.
A recent analysis by YouTube channel More Crypto Online sheds light on XRP’s current market position and potential price movements.
The lack of a clear breakout has raised questions about XRP’s ability to achieve higher prices. The expert is optimistic of a potential upward movement. However, the complex market structure demands caution from investors.
XRP Price Analysis
The analysis presented by More Crypto Online heavily relies on Elliot Wave Theory. Two possible scenarios emerge from this perspective. The bullish case suggests XRP might be forming a fourth wave triangle.
This formation would require one more lower high followed by a higher low before a potential upside breakout. Conversely, the bearish scenario posits that XRP might be in a corrective A-B-C pattern within a larger wave 2.
Besides, this case could lead to prolonged sideways or downward movement. The complexity of these patterns highlights the challenges of trading during corrective phases.
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Show more +Show less – XRP Price Forecast
Several critical technical levels demand attention from XRP traders. A break above 63-64 cents, marked by a red trend line with multiple touchpoints, would signal bullish continuation. However, XRP has yet to reach this level, indicating potential for further downward movement.
The 56.3 cents mark serves as a crucial micro support level. Breaking below this could increase the likelihood of testing lower support around 42.6 cents. Failure to maintain current support might confirm that XRP is not in an impulsive upward movement.
Read also: Popular YouTuber Warns Solana Holders: ‘We’re Getting Closer’ – SOL Price Prediction
Trading Considerations
Given the complex market structure, caution is advised when trading XRP. The nature of the current phase suggests traders might benefit from smaller positions. This cautious sentiment reflects the overall uncertainty surrounding XRP’s short-term price action.
The analysis also explores the possibility of a diagonal pattern forming in XRP’s price structure. This scenario would involve a more complex formation where the third wave unfolds differently. While this could still allow for upward movement, it requires careful monitoring of the evolving structure.
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