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Key Takeaways
- XRP has broken out of a key bull flag pattern, rising over 7% to $2.76.
- Elliott Wave theory suggests more upside, with targets at $2.90, $3.20, and potentially $3.40.
- Immediate support lies between $2.39–$2.60, keeping the trend firmly bullish for now.
XRP is once again grabbing headlines as the token breaks out of a months-long consolidation phase, surging past critical resistance levels. After trading in a tight range for several weeks, XRP has now broken above its bull flag pattern, a classic technical formation that often signals the beginning of a new bullish leg.
At the time of writing, XRP is trading at $2.76 — a 7% jump in the last 24 hours — and the market is now closely watching for a potential retest of its 2018 all-time high near $3.40.
Bull Flag Breakout Sparks Fresh XRP Rally
The breakout from the bull flag is viewed as a significant technical event. Traders and chart watchers have been eyeing this level for weeks, with $2.60 acting as strong resistance. Once broken, it opened the door for rapid upside movement, characteristic of XRP’s historical price behavior.
Analysts note that XRP often skips the gradual climbs seen in other cryptocurrencies, favoring instead sharp, impulsive moves when momentum kicks in. The recent price spike reinforces this pattern, adding to the bullish sentiment in the market.
Elliott Wave Signals Suggest More Upside
Market technicians using Elliott Wave analysis have pointed to a classic “one-two setup” on the XRP chart. This bullish formation, consisting of a correction followed by an impulse wave, often precedes a breakout. A similar setup accurately forecasted XRP’s rise last year.
With this signal appearing again, many traders believe the token could be gearing up for a rally toward $2.90, and eventually, a retest of the $3.20–$3.40 zone — levels that haven’t been seen in years.
Key Levels to Watch: Support and Resistance
While the short-term trend is clearly bullish, investors are watching key price levels closely. Immediate resistance lies at $2.90, with a critical psychological barrier at $3.00. Surpassing this could pave the way for a retest of the all-time high range between $3.30 and $3.40.
Also Read: XRP Price Breakout Signals Bullish Surge as $3.40 All-Time High Comes Into View
On the flip side, XRP has strong support between $2.39 and $2.60. As long as price action remains above this range, the bullish structure remains intact.
XRP’s breakout has reignited bullish sentiment, with technical indicators aligning for a potential move toward its previous high. The combination of bullish chart patterns, strong Elliott Wave signals, and rapid price action makes XRP one of the most watched tokens right now.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
