XRP continues to hold its position above $2.3951, showing strong bullish momentum towards higher price levels, supported by Fibonacci calculations.
Fibonacci Extensions Support
The monthly analysis of XRP’s price movement follows a five-wave Elliott Wave structure. The third wave is currently showing a strong upward trajectory. Fibonacci extensions highlight potential price targets. The 161.8% extension coincides with the $2.3951 resistance level, confirming its importance. The 261.8% extension projects XRP toward $5.8563 and $7.4547 resistance zones. The 361.8% extension indicates long-term targets between $18.2275 and $23.2025.
Market Volume and Key Resistance Levels
Volume analysis highlights substantial trading activity around $2.4020 and $3.3999. These price zones indicate strong market interest and accumulation. Lower volume areas may trigger rapid price movements as they lack substantial resistance.
Elliott Waves and Market Sentiment
Between the third and fourth waves of the Elliott Wave pattern, there is a correction phase. Technical support for this phase aligns with the 161.8% Fibonacci retracement. XRP is likely aiming for the 361.8% Fibonacci level after the pullback. Candlestick patterns indicate strong bullish momentum, with large green candles confirming an uptrend.
Support from key Fibonacci levels and volume analysis confirm XRP's bullish trend, potentially leading to significant price increases if current momentum continues.
