Ripple's XRP has seen a more than 4% increase, trading at $2.40. The primary forecasts suggest the completion of a bullish structure, implying a new price peak.
Key Support and Resistance Levels
A reaction has been observed at the previous breakout point, which occurred at the 2021 high. The green line on the chart, representing this breakout point, was tested from above yesterday. It's possible that XRP is still in wave three, with the potential for another high. Even if the price dips below the green line, indicating short-term weakness, there is a Fibonacci support zone between $1.5 and $1.7. However, smaller-time frame support levels are more critical for the short term.
Larger Time Frame Outlook
The outlook remains that XRP is in the third wave of the cycle. This remains the case until the market shows significant deviation from this pattern. If this scenario plays out, after the completion of wave four, wave five could potentially take the price into the $5-$10 range.
Critical Support Levels
For the bullish scenario to hold, the price should ideally maintain the $1.99 level, which represents the 78.6% retracement of yesterday’s rally. In a more bullish case, the price should not dip below this level. Additional support levels are found between $2.20 and $1.99, including levels at $2.14, $2.07, and $1.99. This is the key zone where the price should hold before potentially pushing higher. While there is no guarantee that the pullback will happen, it's also possible that waves A or one will form another high, leading to a five-wave move upwards. If the pullback occurs, the critical support area is where buyers should ideally step in.
The current market situation around XRP suggests opportunities for growth and potential pullbacks. Key support and resistance levels will be crucial in determining future price movements.
