XRP has faced mixed price action in the market, with a weekly decline of over 4%. At press time, XRP has slightly risen, trading at $3.12.
The Key Scenario: Price Expected to Rise
There is a possibility of XRP making one more upward move before a potential shift in trend. The price is expected to climb, potentially reaching a new peak. The question remains whether this rise will lead to further gains or mark the peak of the rally before a correction begins. After a five-phase pattern, a major decline or correction typically follows, indicating increased risk. This doesn’t necessarily signal a bearish trend, but the current rally could be approaching its end.
Potential Breakout Targets: What's Next?
On a smaller time frame, XRP is facing resistance at its all-time high of $3.30. A breakout above this level could propel the price toward new targets, including $4.19, $5, and possibly even $6.61. XRP recently completed an internal triangle pattern, which broke out to the upside on January 13. However, it failed to break above its all-time high and has since entered a consolidation phase. There are no clear breakout signals at the moment, and the price is holding above critical support levels between $2.52 and $2.94. These support levels have been respected multiple times, and the price recently reacted to the $2.81 level, which represents a 50% retracement. The expectation remains for a continuation to higher prices, possibly reaching $4.90 or even $5. Nonetheless, it is also possible for XRP to form another low before continuing upward.
Technical Level Analysis
Traders should watch for a breakout above $3.30–$3.40 to confirm the continuation of the bullish trend. Until that happens, a pullback to the lower support levels remains a possibility.
The XRP market exhibits volatility, and future price movements depend on breaking key resistance levels. However, support at current levels remains strong, providing potential for traders to anticipate further upward trends.