Altcoins News
By Sakamoto Nashi
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XRP, the native token of the Ripple network, has recently captured attention with its volatile but promising price action.
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Over the past few weeks, XRP has experienced a series of ups and downs, struggling to break past key resistance zones while managing to maintain crucial support.
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Despite the rejection, XRP hasn’t lost its bullish momentum. The price has only seen a slight pullback, and more importantly, it is still holding above the support zone between $2.
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From a technical standpoint, XRP continues to form a classic pattern of higher highs and higher lows on the daily timeframe.
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Currently, XRP’s price action is also being shaped by a bearish divergence that developed recently.
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Adding to the bullish case for XRP is the ongoing Elliott Wave analysis. According to this widely-used theory, markets move in repetitive five-wave patterns during bullish cycles.
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In terms of long-term support and resistance levels, XRP is trading within a well-defined range. Strong resistance sits around the $3.
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In the immediate term, XRP has completed what appears to be a five-wave structure on the smaller timeframe.
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In conclusion, while XRP faces some short-term resistance and consolidation, the broader picture remains favorable.
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