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XRP has been trading sideways for most of the week, with little movement to suggest a major trend shift in the short term. XRP is approaching the end of a triangle pattern, which typically indicates that a decision point is near. The market must now decide which direction to take as XRP is currently stuck in the range of $3.08-$3.14. The price is also down by more than 2 percent on the weekly chart.
Elliott Wave Analysis for XRP
Using Elliott Wave analysis, a popular sentiment-based method for predicting market movements, analysts anticipate higher prices for XRP in the near future. However, this does not guarantee that the breakout will be upwards right away. There could be a small dip before a rise, but as long as any pullbacks are corrective in nature (slow, overlapping movements), the longer-term trend remains bullish. These corrections are expected to hold above key support levels, particularly the $2.52 level.
Key Support and Resistance Levels
The triangle pattern on XRP’s chart completed on January 13th, marking the end of the current consolidation phase. From an Elliot Wave perspective, this could signal the beginning of a larger five-wave move to the upside. The critical support level to watch is $2.52; a break below this could signal a shift in the market’s direction, introducing more uncertainty. A decisive break below this support would suggest a potential deeper correction.
On the upside, if XRP successfully breaks through resistance, the next target levels to watch are around $4.20 and eventually the $5 mark. These Fibonacci extension levels will give us an indication of the price movement in the coming weeks.
With the triangle formation nearing completion, a breakout is expected soon, but it might take some time to materialize. Volume tends to be lower on weekends, so it’s possible the price could dance around key support levels until more decisive moves occur early next week.