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Ripple’s XRP is currently up by more than seven percent and is trading at $2.42. The XRP price has been consolidating above the $1.96 mark, a key resistance level from 2021. This price point formed in April and May 2021, and it was recently broken in early December 2024. Since then, XRP has remained above this level, showing strength and stability. This is a positive sign for XRP holders, as it means a market shift from the volatility seen in previous years when prices often broke above resistance levels, only to fall quickly afterward.
Potential for Another High in XRP’s Price
Looking ahead, there is a potential for XRP to form another high. This could be the fifth wave in an Elliott Wave pattern, hinting at a possible continuation of the bullish trend. While it’s not guaranteed, the expectation is for at least one more high in this cycle.
Triangle Pattern Forming on Smaller Timeframe
On the smaller time frame, XRP appears to be forming a triangle pattern. Triangles typically evolve into ABCDE structures, with each wave in the triangle representing higher lows and lower highs. If this pattern holds, XRP could see another high before completing the triangle.
Key Support and Resistance Levels
For continued bullish momentum, XRP must maintain its position above the 20th December low, around $0.96. A break below this support level could signal a bearish trend, but the larger bullish thesis would remain intact.
On the micro scale, XRP might experience one more push upwards, potentially touching new resistance levels. The immediate target areas to watch are between $2.42 and $2.45, followed by higher resistance at $2.54, $2.61, and $2.62. Should XRP break below the $2.22 level, it could signal a shift towards lower levels.