XRP has shown significant growth, rising more than 11% over the last 24 hours, trading above the critical $2.80 level and approaching the $3 mark.
Local Uptrend and Support Levels
Since December 30, XRP has been in a local uptrend, characterized by higher highs and higher lows. To maintain a bullish outlook, it's essential for these higher lows to hold. Currently, the market is undergoing a sideways correction, which may signal the completion of the triangle pattern.
Wave Structure and Price Action
The triangle could be forming an ABCDE structure, with the E-wave possibly having bottomed last week. Typically, triangle breakouts are swift and aggressive, and the price action thus far has been quite convincing.
Analyzing Recent Price Movements
The recent dip in XRP price occurred in three waves, which broke micro support but did not invalidate the overall uptrend. This suggests that the price could test support levels again before making a breakout move. As long as critical support levels hold, the bullish outlook remains valid.
The key level to watch is $1.96. A break below this would suggest that the triangle pattern has failed and could lead to a decline to around $1.80.
