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Ripple’s $XRP has bounced back and is up by more than 11 percent in the last 24 hours. The price is trading above the important $2.80 level and is now eyeing to break the $3 mark. $XRP hit a high of $2.87 and then hit a reverse.
Local Uptrend and Support Levels
$XRP has been in a local uptrend since December 30, characterized by higher highs and higher lows. To maintain the bullish outlook, it’s crucial for these higher lows to hold. Currently, the market is undergoing a sideways correction, which may signal the completion of the triangle pattern.
Wave Structure and Price Action
The triangle could be forming an ABCDE structure, with the E-wave possibly having bottomed last week. Typically, triangle breakouts are swift and aggressive, and the price action so far has been a bit more convincing.
Analyzing Recent Price Movements
The recent dip in $XRP price occurred in three waves, which broke micro support but did not invalidate the overall uptrend. This suggests that the price could test support levels again before making a breakout move. As long as critical support levels hold, the bullish outlook remains valid.
Critical Price Levels to Watch
The key level to watch is $1.96. A break below this would suggest that the triangle pattern has failed and could lead to a decline to around $1.80.
- Key Support: A drop below $2.32 would indicate that the local uptrend is over.
- Key Resistance: Upside breakouts above $2.72 and $2.90 would signal the potential for further bullish movement, with the possibility of reaching all-time highs or even $5 in the medium term. $XRP has already breached $2.72 and bulls are now eyeing the next target $2.90.