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Ripple’s XRP is up by more than six percent in the last 24 hours and is trading near the $2.60 levels. XRP is currently holding above the 2021 high, which was around $1.96. The price recently broke above this key level and has not dropped back below it yet.
Current Wave Structure:
In terms of market structure, XRP is likely in the fourth wave of a larger third wave within an ongoing bullish cycle. The recent pullback has followed a three-wave pattern, and this is seen as a correction that should lead into a fifth wave that could push the price into the $5 to $10 range. While it’s possible the price could move slightly higher, this remains the most reasonable expectation for now, but it may change as more data becomes available.
Support and Resistance Levels:
Looking at support, the critical range lies between $1.50 and $1.79. As long as the price stays above this support area, the bullish scenario remains valid. In terms of resistance, the next levels to watch are $2.60, $2.73, and $2.81. These levels could act as potential points where the price may face selling pressure if the upward trend continues.
Price Action and Expectations:
At the moment, XRP is likely experiencing a correction within the larger uptrend, which is part of the fourth wave. This wave is expected to complete before the price moves higher. If the price breaks below the $2.38 and $2.17 levels, this would suggest that a downside move is incoming.
However, there is strong support around the 2021 high, which should help stabilize the price. Even though the market is currently in a temporary correction, there’s no sign of a crash. Corrections can sometimes be significant in the crypto market, but they are a normal part of the cycle, especially during bullish phases.