This week, XRP shows little price movement, trading in the range of $3.08-$3.14. The triangular pattern indicates an approaching decision point in the market.
Current XRP Market Situation
Throughout the week, XRP displays sideways trading, with no significant changes that would suggest a trend shift. The triangle forming on the chart can suggest an imminent decision point for the market. Currently, the cryptocurrency's price oscillates between $3.08 and $3.14, having dropped by more than 2% for the week.
Elliott Wave Analysis for XRP
Analysts using the Elliott Wave method predict potential price increases for XRP in the near future. However, this does not guarantee an upward breakout will happen immediately. There could be a minor downward correction, but as long as these corrections remain above the $2.52 level, the overall trend remains bullish.
Key Support and Resistance Levels
The triangle on the XRP chart completed on January 13th, possibly signaling the start of a larger five-wave move up from an Elliott Wave perspective. The critical support level is $2.52. A break below this level could indicate a potential deeper correction. If XRP manages to break through resistance, the next target levels are around $4.20 and $5. These Fibonacci extension levels can give an indication of future price movements.
With the triangle pattern completing on the XRP chart, a breakout is expected soon. Although trading volumes may remain low over the weekend, more decisive moves are predicted early next week.
