Analysis of XRP price - Uptrend and future outlook
Ripple's XRP is currently struggling to break above the $2.40 level, an important threshold to confirm its uptrend. Recently, the price has declined more than 5-6%, erasing the gains achieved in the previous week. However, XRP may still witness price appreciation in the future, although analyzing key price levels is necessary to understand if the market is shifting or not.
Currently, XRP is in an accumulation phase. While this phase may last for some time, it could soon end in a shorter timeframe. A final surge may complete a larger wave 5, bringing XRP closer to new ATHs. The most recent wave 4 bottom occurred in July 2023, and the market may have already started wave 5.
The resistance levels to watch include the ATH of $3.30 from December 2017. Above this, the next resistance levels are $4.20 and $5.00. If XRP reaches a new ATH, a significant correction may occur, similar to the previous wave 2. This could be a deep and prolonged adjustment, so caution is advised for investors.
In the shorter timeframe, XRP is currently forming a triangle pattern, indicating market uncertainty. This pattern often precedes the next price increase. If the price breaks above $2.46, it may confirm that a bottom has formed, paving the way for new ATHs.
The critical support levels are in the range of $2.29 to $2.40. If XRP drops below $1.96, it may signal a larger correction, although not necessarily a continuation of the triangle pattern. To maintain the bullish outlook, XRP needs to hold above the identified support zone.
If XRP breaks above the recent high of $2.46, it could signal the start of a price surge towards new ATHs. For now, the focus will be on the ability to maintain the support level and elicit a strong market response.
