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Ripple’s XRP has bounced back and is up by more than 11 percent in the last 24 hours. The price is trading above the important $2.80 level and is now eyeing to break the $3 mark. XRP hit a high of $2.87 and then hit a reverse.
Local Uptrend and Support Levels
XRP has been in a local uptrend since December 30, characterized by higher highs and higher lows. To maintain the bullish outlook, it’s crucial for these higher lows to hold. Currently, the market is undergoing a sideways correction, which may signal the completion of the triangle pattern.
Wave Structure and Price Action
The triangle could be forming an ABCDE structure, with the E-wave possibly having bottomed last week. Typically, triangle breakouts are swift and aggressive, and the price action so far has been a bit more convincing.
Analyzing Recent Price Movements
The recent dip in XRP price occurred in three waves, which broke micro support but did not invalidate the overall uptrend. This suggests that the price could test support levels again before making a breakout move. As long as critical support levels hold, the bullish outlook remains valid.
Critical Price Levels to Watch
The key level to watch is $1.96. A break below this would suggest that the triangle pattern has failed and could lead to a decline to around $1.80.
Key Support: A drop below $2.32 would indicate that the local uptrend is over.
Key Resistance: Upside breakouts above $2.72 and $2.90 would signal the potential for further bullish movement, with the possibility of reaching all-time highs or even $5 in the medium term. XRP has already breached $2.72 and bulls are now eyeing the next target $2.90.
