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Ripple’s XRP is gaining momentum, rising over 1% to trade at $2.45, with technical patterns hinting at potential short-term gains. The cryptocurrency’s price continues to follow a triangle pattern, consistent with an Elliott Wave formation, suggesting higher prices could be on the horizon. Analysts note that the absence of a confirmed top within the structure leaves room for an upward fifth wave after one more higher low.

The Ongoing Correction and Market Dynamics

Since reaching a peak of $2.90 last month, XRP has undergone a correction phase, characterized by three waves up and three waves down. This movement aligns with typical corrective patterns in technical analysis. While a direct breakout is plausible, the likeliest scenario involves a final higher low as part of the ongoing Elliott Wave triangle.

Critical Support and Resistance Levels

Key support for XRP lies between $2.28 and $2.27, as identified by Fibonacci retracement levels. This zone could act as a temporary cushion before the next upward movement. However, a drop below $1.95 — the December 20 swing low — would invalidate the current bullish structure, signaling potential bearish momentum.

On the upside, resistance levels to monitor include $2.55, $2.62, and $2.72. A decisive breakout above $2.70 could confirm bullish continuation, setting the stage for XRP to challenge its previous all-time high of $3.30.

What’s Next for XRP?

While no minimum correction is required in the current E-wave, a shallow retracement remains a possibility, mirroring previous triangle patterns in XRP’s price history. Market sentiment continues to favor upward momentum, yet traders should remain cautious of volatility near key support and resistance thresholds.

As XRP edges closer to the apex of its triangle formation, all eyes are on the $2.72 resistance level. A breakout could usher in a new phase of price discovery, potentially pushing XRP beyond $3.00 and closer to uncharted territory. However, a dip below $1.95 would invalidate bullish expectations, underscoring the need for vigilance in the dynamic crypto market.

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.

Also Read: XRP Price Prediction: EGRAG Crypto’s Analysis Highlights Potential Surge to $40 by 2025