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Ripple’s XRP is currently down by more than one percent and is trading at $2.78. For a breakout confirmation, XRP needs to break above the swing high of $2.80, reached on February 4th. Until it sees a confirmed breakout, the market could still face resistance.
Resistance Levels Above Current Price
On the smaller time frames, the price is fluctuating near a different support area, closer to the current price level. If XRP breaks above $2.80, the next resistance levels are at $2.96 and $3.30. This is critical because if the rally is a corrective, the analyst doesn’t expect it to go much beyond the previous high. If the price exceeds $3.30, the market may need to reassess whether the pullback has already completed and whether the market is ready to push higher.
Possible Pullback
If the price dips back into the support zone, this could provide an opportunity for pullback traders to enter the market. However, if the price breaks out directly, attention will shift to the resistance area, with $3.40 being a critical level to monitor.
Potential Targets for XRP
For a bullish scenario, the price needs to break above the January high of $3.40. If this happens, XRP could move towards $4.20, $5, or even $6.60, completing a five-wave pattern to the upside. After that, a major correction could follow. One more high would be ideal, but the market may take time to confirm this.
There’s considerable resistance ahead, and it’s important to remain cautious. A confirmed breakout is yet to happen, and while the price could break higher, it’s likely that a pullback into the support area will occur before any new highs.