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Highlights
- XRP has gained 20% in the last 24 hours, trading above the $2.50 level.
- Bitcoin’s rise to above $100k has contributed to positive sentiment in the market.
- XRP's price has bounced from critical support levels, aiming for potential higher targets.
Ripple's XRP has displayed remarkable resilience, recently experiencing a sharp 20% price surge within a 24-hour period. Trading above the $2.50 mark, XRP is now positioning itself for a potential breakout above the $3 threshold. This follows a period of market volatility, as the price had dropped to a key support zone between $2.13 and $2.22 on the 4-day chart. These levels proved to be pivotal in distinguishing the prevailing market trend, triggering a significant rebound in XRP’s price.
Despite the recent rebound, XRP remains slightly down over the past week, with a decrease of more than 18% on the weekly chart. However, the bounce from key support levels has sparked optimism, suggesting that a potential price recovery could be on the horizon. In the coming wave, there are potential target levels set at $4.19, $5, and possibly even as high as $6.62, depending on how the market progresses.
On the smaller time frame, XRP initially broke below the $2.64 swing low, which momentarily invalidated a previous bullish pattern. Nevertheless, an alternative Elliott Wave count has come into play, shifting the outlook. XRP found support in the $2.72 to $2.22 zone, which is crucial for sustaining the bullish momentum. Moving forward, a key level to watch is $2.96, which has previously provided support during price moves above the $3 mark. If XRP continues to recover and maintains its support above these levels, the potential for further upward movement increases.
The upcoming corrective pullback will be vital in determining whether the upward trend can sustain itself. In order to confirm further bullish potential, XRP must maintain support above $1.90, which represents the 78.6% retracement level. Two possible scenarios could unfold from here: one involves a direct breakout above $3, while the other suggests an extended wave four, potentially leading to a more gradual rise in the price of XRP.
As the market remains highly volatile, it is crucial to monitor the next price movement closely. A corrective pullback, if it materializes, could signal a continuation of the current bullish trend, providing further opportunities for upward momentum. For now, XRP's outlook remains positive, with a keen focus on the support levels that will determine the next phase of the price trajectory.
