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XRP is once again turning heads in the crypto market as it breaks through key resistance levels. For months, XRP had been stuck moving sideways within a tight range. But in recent sessions, the price finally managed to break above the upper boundary of its bull flag pattern, a setup that often signals the start of a stronger uptrend.
XRP is now eyeing $3.20, followed by the all-important $3.40 level, which marks the previous all-time high for XRP. Crossing this would be a huge milestone and could fuel even more buying interest.
This breakout has excited traders, especially since XRP is known for making sharp, straight-line moves when it starts gaining momentum. Unlike many other cryptocurrencies that typically see pullbacks along the way, XRP tends to move quickly once it gets going. At the time of writing, XRP is trading at $2.76 and is up by more than 7% in the last 24 hours.
What the Elliott Wave Patterns Are Showing
Market analysts using the Elliott Wave theory had been pointing out a “one-two setup” pattern forming on the charts, which is often a reliable signal before a breakout. A similar setup helped forecast XRP’s move last year, and now the same pattern is hinting at further upside move.
What’s Next for XRP?
Now that XRP has cleared some important resistance levels, the next major price targets lie between $2.90 and $3.00. If the current trend continues, a quick move back toward its all-time high around $3.30 to $3.40 could also be possible.
On the downside, immediate support for XRP lies between $2.39 and $2.60. This zone has acted as a reliable safety net for the price in recent days. As long as XRP stays above this range, the overall trend remains bullish.