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XRP is currently down by more than six percent and has dipped below the crucial $3 mark. Since the December swing low, XRP had been steadily moving upwards. However, the price has now hit a reverse and is testing support levels below $3. While the next move is still pending, analysts are optimistic that XRP is gearing up for another bullish phase.
XRP’s Current Market Structure:
According to Elliot Wave analysis, XRP’s price movement has shown an impulsive upward pattern, with pullbacks appearing corrective in nature. This suggests that a potential third wave of upward movement could soon unfold. The current price structure indicates that XRP might be positioned for a breakout. A critical support level to watch is $2.76, which is key for maintaining the bullish trend on smaller time frames.
Key Resistance and Support Levels:
The larger market pattern, which completed a correction in mid-January, sets the stage for a possible five-wave upward move. However, a breakout above the previous high at $3.40 is essential to confirm the continuation of the bullish trend.
If XRP fails to break above this level, the market could experience a test of lower support levels between $2.51 and $2.68. In this case, the overall market structure may need to be adjusted.
Despite the uncertainty, the market sentiment remains largely optimistic, especially if XRP manages to break past the resistance at $3.40. The next major targets for XRP, if the bullish momentum continues, are $4.20 and potentially $5. Overall, XRP is showing promise, with many traders preparing for a potential breakout in the coming weeks.