XRP's current price is navigating through a short-term recovery, while long-term risks continue to exert pressure. This article examines key levels and potential scenarios.
Key Levels to Watch in the Short Term
The $2.10 - $2.15 region has emerged as significant support due to active buyer interest. If the price retreats from the $2.30 - $2.34 resistance, an unfavorable head and shoulders-like pattern may form on the daily chart, potentially pushing the price below $2. In such a scenario, investors will keenly watch whether the $1.55 level holds firm.
Long-Term Outlook for XRP
According to Elliott Wave analysis, XRP retains the potential for a fifth wave. For this to happen, the price must break above $2.62. If this occurs, analysts suggest a possible rally up to $5.65. The technical patterns indicate that market psychology may be driving weaker hands to sell, setting the stage for stronger purchases.
Market Influence on XRP
A decline below the $1.21 - $1.55 region would signify a deepening correction and could contaminate the long-term structure. Investors may need to critically reassess their risk management strategies should this threshold be breached. Nevertheless, as long as existing support zones remain intact, upward scenarios for XRP in the medium to long term remain viable.
In conclusion, XRP continues to show signs of short-term recovery, but long-term risks require attention. The key levels discussed will be critical for the future behavior of the cryptocurrency.
