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Ripple’s XRP is currently trying to rise above the crucial $2.40 level. The price recently dipped more than 5-6 percent, erasing the gains made in the last week. XRP could still experience some upward movement, though key levels are crucial for understanding whether the market sentiment is shifting.
Key Levels to Watch
XRP is currently in a consolidation phase, which could exist for a while. However, on a smaller time frame, this phase may be nearing its end. A final upward move could complete a larger 5th wave, potentially driving XRP to new all-time highs. The most recent Wave 4 bottomed in July 2023, with the market possibly entering the 5th wave upward.
Resistance Zones (Long Term)
Key resistance levels to monitor are the all-time high of $3.30 from December 2017. Above that, the next resistance points are $4.20 and $5.00. If XRP manages to reach a new high, a major correction could follow, similar to the previous Wave 2. This correction could be both deep and long, so caution is advised.
Short-Term Market Structure
On the smaller time frame, XRP is currently forming a triangle pattern, hinting at a market indecision. This typically precedes another upward move. A break above the $2.46 level would signal that a low has formed, potentially paving the way for new all-time highs.
Current Support Levels
Key support levels are between $2.29 and $2.40. If XRP falls below $1.96, it would signal a larger correction, though not necessarily a continuation of the triangle pattern. To keep the bullish outlook intact, XRP must hold above this green support zone.
What’s Next for XRP?
If XRP breaks above the last swing high at $2.46, it could signal the beginning of a move towards new highs. Until then, attention is focused on whether the price can hold at support and generate a strong reaction.
