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Currently, XRP is moving in a sideways range, which has been a characteristic of its price action over the past months. However, in the past weeks, XRP has broken through key resistance levels, which could signal the start of a new bullish trend. At the time of writing, XRP is trading above the $2.50 mark and is up by more than nine percent in the last 24 hours.
When looking at the chart, the price of XRP is now positioned above certain important levels, hinting that the market could potentially move upwards towards new highs.
Important Price Levels To Monitor
Looking ahead, for XRP to continue its upward movement and reach new highs, it will need to break through some key resistance points. The first level to watch for an upward breakout is around $2.55, followed by another resistance level at $2.72. If XRP can clear both of these levels, it could pave the way for a rally that may take the price toward all-time highs.
However, it’s important to note that there is an invalidation point for this bullish scenario. If the price drops below $1.96, this could signal that the current trend may not continue, and the market outlook would need to be reassessed. Therefore, the support levels in the $2.20-$2.30 range are critical for the short-term outlook of XRP.
Technical Analysis:
XRP has formed a triangle pattern, which consists of five waves: A-B-C-D-E. This pattern has now technically completed its minimum requirements. The formation of this pattern suggests that the price could break out either upwards or downwards. As of now, there has already been a positive reaction to the support areas between $2.20 and $2.30, which are Fibonacci levels that traders use to identify potential support and resistance zones.