The cryptocurrency market has seen its fair share of ups and downs, and XRP is no exception. Despite maintaining its price above the $1 threshold, the digital asset is stuck in a sideways trading pattern, igniting speculation about what’s next for one of the most popular cryptocurrencies.

In the past 24 hours, XRP has seen a decline of more than 2%, trading within a triangular pattern. This kind of price action suggests a tug-of-war between buyers and sellers, with both sides awaiting a decisive breakout.

Key Support and Resistance Levels in Play

As of now, XRP is trading within a crucial support zone that ranges between $0.98 and $1.65. On the flip side, resistance levels at $1.67 and $2 have emerged as significant hurdles. These levels are critical for traders and investors, as breaking them could trigger a substantial price surge.

A move above $2 would invalidate the ongoing consolidation pattern, potentially paving the way for a new bullish trend. However, failure to hold current support levels could push XRP into a more extended period of stagnation.

Market analysts are also observing a potential five-wave movement in XRP’s price, a technical pattern that could lead to significant upward momentum. If this scenario plays out, XRP may rally toward new price highs, offering a glimmer of hope for investors.

Short-Term Movements Could Be Key

In the short term, traders are closely monitoring XRP’s performance around the $1.87 support level. This zone could act as a critical turning point. Should buyers step in and defend this level, it might ignite a rally toward the $2 resistance.

However, if selling pressure increases and XRP drops below this key support, it could extend its sideways trend, delaying any meaningful price action.

XRP’s Long-Term Struggles

While XRP has shown resilience, its price has largely moved sideways since 2018. Despite occasional rallies, the cryptocurrency has struggled to maintain a clear, sustained upward trajectory.

This pattern of stagnation reflects broader market uncertainty, with XRP frequently rallying only to fall back into periods of consolidation. For investors, this lack of long-term momentum underscores the importance of watching key technical levels and market signals.

Bullish Scenarios Are Still in Play

Despite recent struggles, XRP still has potential for an upward breakout. Analysts have pointed to a bullish Elliott Wave pattern that could propel the cryptocurrency to new highs.

This setup suggests that XRP might form a higher low before initiating a stronger rally. However, if the price drops below $0.29—the invalidation point for this bullish pattern—it would signal a significant shift in market sentiment, potentially leading to a bearish downturn.

If the bullish pattern holds and XRP manages to break above resistance levels, the cryptocurrency could embark on a major rally, potentially surpassing the $2 mark and setting the stage for further gains.

What’s Next for XRP?

XRP remains at a crossroads, with its short-term price action likely to dictate its next major move. Holding above $1 and breaking through resistance at $2 are key to confirming a bullish trend.

While the cryptocurrency’s long-term sideways movement has tempered expectations, emerging bullish signals suggest that a breakout could be on the horizon. For now, traders and investors are closely watching XRP’s price action, waiting for clear signs of its next direction.