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Ripple’s XRP has bounced back, gaining an impressive 20% in the last 24 hours. The price is currently trading above the $2.50 level and is now aiming to break above the $3 mark once again. Bitcoin also rose above the $100k mark and is currently trading at crucial support levels.
The XRP price had reached its key support area between $2.13 and $2.22 on the 4-day chart, triggering a bearish reaction. This level is crucial for distinguishing bullish momentum from bearish trends. The market has bounced back from this level, and the outlook remains positive, with potential targets at $4.19, $5, and possibly even $6.62 in the coming wave. However, on the weekly chart, XRP is still down by more than 18%.
Small-Time Frame Breakdown: A Temporary Setback
On the smaller time frame, XRP briefly broke below the $2.64 swing low, invalidating a previous bullish pattern. However, the alternative Elliott Wave count is now leading, and the price found support around the $2.72 to $2.22 zone. A crucial level to watch moving forward is the $2.96 mark, which has provided support in recent moves above $3. The price is currently recovering, but the next corrective pullback will determine if the upward trend can continue.
Key Levels and Next Steps for XRP
To confirm further upside potential, XRP needs to maintain support above $1.90, which represents the 78.6% retracement level. There are two potential pathways for XRP: either a direct breakout or an extended wave four, which could lead to further upside. As the market remains volatile, it’s important to monitor the next pullback closely. If the pullback is corrective, it could signal a continuation of the bullish trend.