Ripple’s XRP is at a pivotal point, trading near the critical $2.40 level. After shedding 5-6% in recent days, the cryptocurrency is showing signs of consolidation, drives speculation about its next move. Traders and analysts are now focused on whether XRP can break above $2.46, which could signal the start of a significant bullish rally.
The price action is forming a classic triangle pattern, hinting at market indecision. Historically, such patterns often precede sharp moves, making the current phase crucial for XRP’s future trajectory.
For XRP to sustain its upward momentum, it must first clear the immediate resistance at $2.46. Beyond that, several key levels could come into play:
A successful breakout beyond these levels could confirm the completion of a larger Elliott Wave pattern, suggesting the market may enter a new bullish cycle. However, such a rally would likely be followed by a correction, similar to the deep pullbacks seen in previous waves.
While the focus is on a potential breakout, XRP’s ability to hold above its support levels is equally important. The immediate support zone lies between $2.29 and $2.40. A dip below this range could weaken the bullish outlook and lead to further consolidation.
If the price falls below $1.96, it may signal the start of a larger correction. This scenario could dampen the enthusiasm for a bullish breakout and push XRP into a prolonged period of sideways trading.
On shorter timeframes, XRP is exhibiting signs of indecision. The triangle pattern it has been forming is a hallmark of a market gearing up for a decisive move. A close above $2.46 would likely confirm the bullish case, potentially triggering a rally toward new highs.
Conversely, a failure to hold support could result in increased selling pressure, dragging the price toward lower levels.
Several factors are influencing XRP’s current price action, including:
These factors, combined with XRP’s technical setup, suggest that the cryptocurrency is poised for a major move in the near future.
If XRP can decisively break above $2.46, the path to $3.30 becomes clearer. A rally beyond this level could see the price test $4.20 and even $5.00 in the coming weeks. However, caution is warranted, as such moves often attract profit-taking, leading to corrections.
On the downside, maintaining the $2.29-$2.40 support zone is crucial for preserving the bullish structure. A dip below $1.96 would likely signal a bearish shift, putting XRP at risk of further declines.
Ripple’s XRP is navigating a critical phase as it consolidates near $2.40. The potential for a bullish breakout is high, but the market’s next move hinges on whether the cryptocurrency can break above $2.46. With key resistance levels in sight, XRP could be on the brink of a rally toward new highs.
For now, all eyes are on the $2.46 level. Whether XRP can clear this hurdle or falls back to retest its support zones will determine its trajectory in the coming weeks.
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