XRP’s recent price action highlights important price levels that traders should keep an eye on. One of the most crucial resistance zones remains the $3.30 level, which was the previous all-time high for XRP back in 2021. This area is likely to act as a key barrier for the price. If XRP can break through this resistance, it could open the door to new highs, potentially pushing the price further.

On the other hand, there are important support levels that could indicate a potential pullback. A Fibonacci retracement zone between $1.5 and $1.7 has been identified as a critical support region. A dip into this area could offer a chance for a rebound, but if the price falls below these levels, it might signal a more significant correction. More immediate support levels, such as $2.20, $2.14, and $1.99, should also be closely watched. If XRP’s price drops to these levels and buyers step in to support the price, it could signal that the bullish trend is intact.

Longer-Term Outlook: Bullish Cycles and Key Waves

Looking at XRP’s price chart from a broader perspective, the cryptocurrency may still be in the third wave of a larger bullish cycle. In technical analysis, the third wave is typically the strongest of the cycle and often results in substantial price movements. If this wave is completed successfully, XRP could be primed for another surge towards new price levels, potentially reaching $5 to $10 in the long term.

However, there is a possibility of a short-term correction if XRP enters the fourth wave of the cycle. If this occurs, it could bring the price back to test key support zones. After the fourth wave completes, XRP could then resume its uptrend, pushing towards higher targets. The important takeaway is that the overall outlook remains bullish as long as XRP holds above critical support levels.

The Role of Key Support Levels

To maintain the bullish momentum, XRP needs to stay above the $1.99 level, which represents the 78.6% retracement of yesterday’s rally. This level is significant because it marks a critical support zone that could act as a floor for the price if a pullback occurs. If XRP falls below this level and does not recover quickly, it may signal a shift towards more bearish conditions.

The price levels between $2.14 and $1.99 are particularly important in the short term. If the price tests these levels and rebounds, it would suggest strong support and the likelihood of a continuation of the uptrend. However, if the price fails to hold at these levels, a deeper pullback might be in store, potentially testing the Fibonacci support range of $1.5 to $1.7.

XRP Price Prediction: Short-Term and Long-Term Outlook

As we move forward, XRP is at a critical juncture. If the price can break through the $3.30 resistance level, the next logical target would be even higher, possibly even pushing towards new all-time highs. The continuation of this bullish trend largely depends on the strength of demand in the market, as well as the ability to hold above key support levels.

However, market volatility remains a key factor, and the potential for a short-term pullback cannot be ruled out. A dip into the support levels of $2.14 to $1.99 could offer an attractive entry point for traders looking to buy the dip. Conversely, if XRP fails to hold these levels, further downside risks could emerge, possibly leading to a deeper correction in the price.

In the longer term, XRP’s overall bullish structure suggests that after a potential correction, the cryptocurrency could see another wave of growth, possibly reaching price levels between $5 and $10. This forecast depends on maintaining the larger bullish cycle and holding above the crucial support zones identified above.

Conclusion

In conclusion, XRP is currently navigating a critical phase in its price cycle. The cryptocurrency is showing strong bullish momentum, but key resistance and support levels will determine whether it can break past $3.30 or experience a pullback. Investors should monitor the $1.99 to $2.20 range closely as the price continues to move upward. The overall outlook remains bullish, but the next few days will be pivotal in determining whether XRP will continue to climb or undergo a short-term correction.