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XRP continues to hold below its all-time highs, with the market still showing potential for an upward move. The overall expectation remains bullish, as a possible five-wave Elliott Wave pattern suggests higher prices ahead. After completing a fourth wave triangle, XRP has been consolidating, and there are still opportunities for further gains. At the time of writing, XRP is trading at $3.21, down by more than two percent in the last 24 hours.
Key Resistance and Support Levels
XRP is currently facing resistance at the $3.30 level. The price has been consolidating just below this key point, building strength for a potential breakout. A slight 7% pullback has occurred, but in the volatile world of crypto, this isn’t significant, especially considering a prior 45% rise.
Support levels remain important to monitor, especially between $2.52 and $2.94. This range could serve as a base for any pullback, potentially setting the stage for a move higher.
Market Structure and Potential for Pullback
While the possibility of a pullback is still on the table, there’s no clear evidence of a major top forming. A triangle pattern may still evolve, and the market could continue forming higher highs. However, any pullback, if it occurs, should be relatively shallow.
The main invalidation point for the current bullish outlook is at the $2.32-$2.33 level. As long as XRP holds above this mark, the trend remains upward.
Next Upside Targets for XRP
Looking ahead, the next major upside targets for XRP are at the $4.20 and $5 levels. If these are broken, the price could head toward the $6.61 region. These levels are part of a broader long-term bullish outlook for XRP.