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In the past 24 hours, Ripple’s XRP has gained over 8%, trading at around $3.10. Analysts suggest that following a corrective wave believed to have concluded in mid-January, a fifth wave rally may be on the horizon. However, breaking above the $3.40 level is crucial for the continuation of this upward trend. The support zone is concentrated between $2.50 and $2.91, and breaching this range could pose a risk of retracement down to $1.96.
XRP Analysis and Potential Scenarios
Current price movements of XRP are interpreted through the lens of Elliott Wave Theory. It is proposed that the popular altcoin completed its fourth wave correction on January 13 and is now poised for a fifth wave upward. However, the second wave remains incomplete, signaling that sustained trading above $3.40 is necessary for bullish confirmation. If this level is surpassed, the primary target will shift to the $4.20-$4.50 range.
$2-XRP-Analiz-Yorum-scaled.jpg” alt=”” width=”2560″ height=”1434″ />The support zone of $2.50 to $2.91 has been tested twice in January. Following the initial reaction on January 20, sufficient buying pressure did not materialize. Consequently, it’s important for investors to monitor the $3.14 resistance level. Additionally, a dip below $2.52 could extend the fourth wave correction, raising the possibility of a decline to $1.96.
Key Levels for Altcoin Traders
Short-term technical indicators present two scenarios for XRP. In the optimistic scenario, if the price remains above $3.40, the upward momentum could accelerate. In this case, focus should be directed towards the $4.20-$4.50 range. However, it’s crucial to remember that any upward moves without an increase in volume may not be sustainable.
In a negative scenario, a candle closing below $2.52 may indicate a deepening correction. If this occurs, new support levels at $2.32 and $1.96 should be monitored closely. Investors are advised to track these levels without neglecting risk management.
