Ripple’s XRP has experienced a significant rebound, with a more than 11 percent increase in the past 24 hours. The price of XRP is currently above the crucial $2.80 mark and is aiming to break through the $3 threshold. XRP reached a peak of $2.87 before undergoing a slight pullback.
Local Uptrend and Support Levels
XRP has been following a local uptrend since December 30, characterized by higher highs and higher lows. It is essential for these higher lows to be maintained in order to sustain the bullish trend. The market is currently undergoing a sideways correction, which could indicate the completion of a triangle pattern.
Wave Structure and Price Action
The triangle formation may be forming an ABCDE structure, with the E-wave potentially reaching its lowest point last week. Breakouts from triangle patterns are typically rapid and forceful, and the recent price action appears to support this notion.
Analyzing Recent Price Movements
The recent decline in XRP price occurred in three waves, breaking through micro support levels but not invalidating the overall uptrend. This suggests that there may be further testing of support levels before a breakout occurs. As long as critical support levels remain intact, the bullish outlook remains valid.
Critical Price Levels to Watch
The key level to monitor is $1.96. A breach below this level could indicate a failure of the triangle pattern and potentially lead to a decline towards $1.80.
Key Support and Resistance Levels:
– Key Support: A drop below $2.32 would suggest the end of the local uptrend.
– Key Resistance: Breakouts above $2.72 and $2.90 could signal further bullish momentum, with the potential for reaching all-time highs or even $5 in the medium term. XRP has already surpassed $2.72, and investors are now targeting the next hurdle at $2.90.
In conclusion, XRP’s price prediction indicates a positive outlook with the potential for further gains if key support and resistance levels are maintained. Share this valuable insight with your network to stay informed about the latest developments in the cryptocurrency market.