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Ripple’s XRP is currently up by more than one percent and is trading at the $2.45 levels. The current price action for XRP continues to follow a triangle pattern, which suggests the possibility of higher prices in the short term. There has been no confirmed top within this structure yet, and the overall analysis still points to the formation of an Elliott Wave triangle. A potential scenario involves one more higher low before the next significant upward movement in wave five.
The Ongoing Correction and Market Structure
Since topping at around $2.90 a month ago, the market has been in a correction. This correction is unfolding in a series of three waves up and three waves down, typical of a corrective phase. While a direct breakout is possible, the most probable scenario suggests one more higher low, forming part of the Elliott Wave triangle pattern.
Key Support and Resistance Levels to Watch
The support area for XRP is defined by the Fibonacci retracement levels, located between $2.28 and $2.27. This zone is where the price could find weak support before the next move. Importantly, the primary invalidation point for this structure is a break below $1.95, the previous swing low from December 20th.
To invalidate the triangle to the upside, XRP would need to break above $2.70. A breakout above this level would signal a continuation of the bullish trend, but the market would still test all-time highs as long as it holds above $1.95.
Outlook for XRP: Higher Prices Likely, but Caution is Key
While there are no minimum requirements for the E-wave, it is possible to see a shallow correction, similar to previous triangles in XRP’s history. The focus remains on higher prices, and the resistance levels to watch are at $2.55, $2.62, and potentially $2.72. A break above the $2.72 level could lead to the next phase of price discovery, possibly testing the previous all-time high around $3.30.
