XRP’s ABC corrective wave pattern nears completion, with resistance at $2.52 signaling potential bullish momentum.
A confirmed breakout positions XRP’s initial target at $5.85, with $18.22 as a long-term projection.
Market activity within 24 hours will determine if the ABC corrective wave is completed successfully.
XRP’s price action on the daily chart indicates the near completion of an ABC corrective wave pattern. A potential breakout above $2.52 will confirm this formation, setting the stage for a significant bullish move.
Key Features of the ABC Corrective Wave Pattern
Elliott Wave theory outlines the ABC corrective wave as a pattern marking the conclusion of a correction phase. It consists of three movements: wave A indicates an initial decline, wave B shows a partial recovery, and wave C reflects a final downward move. The completion of this pattern typically signals the potential resumption of a primary trend. XRP’s chart displays this structure clearly, with wave C nearing its end.
According to a Dark Defender post on the X platform, Wave A marks the initial decline, followed by wave B as a partial recovery, and wave C as the concluding downward move. The resistance trendline aligns with $2.52, the critical breakout level.
Source: Dark Defender(X)
Key Resistance at $2.52 and Projected Price Targets
XRP’s breakout potential hinges on surpassing the critical resistance level at $2.52. Breaking this price point will validate the ABC corrective wave and signal the beginning of a bullish phase. This level has emerged as a key technical hurdle, and traders are watching closely for a decisive move above it. If confirmed, the breakout could lead to further price escalation.
The technical analysis places XRP’s initial price target at $5.85 following confirmation of the breakout. This target aligns with historical resistance levels and Fibonacci extensions derived from previous price movements. The next target is positioned at $18.22, which represents a broader projection within the bullish framework.CoinMarketCap data at the time of writing indicates that XRP is trading at $2.46, reflecting a 5.01% daily price increase. The current market capitalization is $140.33 billion, while the 24-hour trading volume is $13.24 billion, indicating a 45.82% drop.
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