Ripple’s XRP is experiencing a period of consolidation as it trades below the $2.30 mark. Despite slipping into the red zone, the cryptocurrency has witnessed a remarkable surge of over 50% in the past week. Currently, XRP is holding its ground above its peak during the 2021 bull market. This sideways movement is typical after a significant rally, indicating a phase of stabilization. Although XRP has retreated from its recent highs, it remains close to where the rally initially began.
Understanding the Current Wave Structure
XRP is progressing through a larger third wave in a bullish cycle, composed of several smaller subwaves. At present, XRP appears to be navigating the fourth wave of this structure. While a deeper correction could be on the horizon, the overall outlook remains optimistic, with higher price levels still a potential outcome.
Key Support and Resistance Levels
There is insufficient data to conclusively determine if a major correction is imminent. However, analysts are closely monitoring crucial support levels. Should a pullback occur, XRP may find support between $1.15 and $1.79, although this remains speculative at this stage.
Market Action: Corrective or Bullish?
XRP currently appears to be in a corrective phase, which often involves sideways consolidation or a more pronounced pullback. Such corrections can lead to market indecision, resulting in minor fluctuations without a definitive trend emerging.
Future Price Targets
Looking ahead, if XRP’s price ascends, the next targets are projected to be between $3.20 and $3.30, aligning with previous highs. A potential climb to $4.20 could also be on the horizon. The trajectory of this upward movement is contingent upon the resilience of support levels and the continuation of the rally.
Analyzing Micro Support Areas
On a smaller time frame, XRP has support between $2.33 and $2.06, with an additional support level at $2.21. As of now, there has been no impulsive price reaction, leaving the market in a state of uncertainty. It is plausible that XRP’s price may form a triangle pattern, indicating sideways movement before a potential breakout occurs.
