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XRP is currently reduced by more than six percent and has fallen below a crucial $ 3 mark. Because in December, he swung low, Xrp was constantly moving up. However, the price has now hit the reverse and tests the support level below $ 3. Although the next move is still ongoing, analysts are optimistic for XRP to prepare for the second bull phase.
Current Market Structure XRP:
According to Elliot wave analysis, The XRP Price Movement has shown an impulsive pattern upwards, with withdrawal appearing in nature. This suggests that the potential third wave of movement upwards could soon develop. The current price structure indicates that XRP could be set for a breakthrough. The critical level of support for viewing is $ 2,76, which is crucial to maintaining the trend of bull on smaller time frames.
Key resistance and support level:
A larger market pattern, which completed the correction in mid -January, sets the stage for a possible five -wave move. However, the breakthrough above the previous maximum of $ 3.40 is crucial to confirmation of the continuation of the bull trend.
If the XRP does not break above this level, the market could experience a lower support test between $ 2.51 and $ 2.68. In this case, the entire market structure may need to be adjusted.
Despite its uncertainty, the market feeling remains mainly optimistic, especially if the XRP manages to break through resistance to $ 3.40. The following main goals for the XRP, if bull momentum continues, is $ 4.20 and potentially $ 5. All in all, XRP shows a promise, and many traders are preparing for a potential breakthrough in the coming weeks.
