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XRP has seen some progress, though there have been no significant changes in its price movement. At the time of writing, XRP is trading at $3.10 level and has gained more than eight percent in the last 24 hours.
The preferred scenario at this point is that XRP completed a wave four correction on January 13 and is currently in wave five. This five-wave pattern, which includes waves one through five, suggests that a continuation to the upside could be possible. However, wave two has yet to complete, and confirmation of a further breakout is needed.
Support Zone: Between $2.50 and $2.91
A key support zone is currently between $2.50 and $2.91, which is expected to be where any corrective pullback may end. There was an initial reaction in this support area on January 20, though the breakout was not confirmed at that point. The critical level to watch for a breakout is $3.40. A move above this level could signal that XRP is on track to reach the $4.20 to $4.50 range.
There is an alternative, bearish scenario still in play. If XRP falls below $2.52, it would suggest that wave four is still unfolding. In this case, a deeper correction could take place, with structural support at the $1.96 level coming into focus.
As for levels to monitor, support remains strong between $2.50 and $2.91, while $3.14 is the nearest resistance level to watch for a possible breakout. If XRP falls below $2.52, it could signal a move toward the $2.32 range. On the upside, if the price manages to break above $3.40, the target could shift to the $4.20 to $4.50 range.