Ripple’s XRP has recently dipped into negative territory but is striving to maintain its position above the $2.50 mark as of the time of writing. Currently, XRP is holding above its breakout point from 2021, with the price remaining above the crucial level of $1.96. The cryptocurrency is currently oscillating between its all-time high of $1.96 and the 2021 peak of approximately $3.30, creating distinct support and resistance zones.
Wave Structure and Price Predictions
XRP is currently situated within a larger price structure, indicating that it is in the third wave of a larger cycle. Following the market’s bottom in June 2022, waves 1 and 2 have already been observed. Presently, XRP is progressing through wave 3, which could potentially drive the price to higher levels in the upcoming months. The anticipated target range lies between $5 and $10, although accurate predictions can only be made once the price reaches its peak in wave 3 and trough in wave 4.
Key Support Levels to Watch
The primary support level for XRP is currently positioned between $1.79 and $1.96. A breach below these levels could signal the next significant support area, denoted by the orange zone, potentially hinting at a more substantial correction. However, the ongoing correction is likely a component of the third wave within a broader uptrend, maintaining a positive outlook for the cryptocurrency.
Rapid Price Action and Potential Pullbacks
The third wave has experienced an upward extension, which is not uncommon, but the pace of the ascent is faster than usual, suggesting that any pullbacks could be more pronounced. This swift price movement may result in short-term corrections, yet as long as the support levels remain intact, XRP is expected to continue its upward trajectory in the long run.
Small Time Frame Correction
At present, XRP is undergoing a correction on a smaller time frame, characterized by either a sideways movement or a counter-trend adjustment. There is a possibility of a triangle pattern formation, which frequently precedes a breakout. Triangles are a prevalent occurrence in the crypto market, potentially signaling the direction of the next price movement.
By incorporating these key points and insights, XRP’s current position and future trajectory can be better understood, providing valuable guidance for investors and enthusiasts alike.