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Ripple’s XRP remains steady with little change on the chart. The market is still in the midst of a larger upward trend, potentially forming a third wave in an Elliott Wave structure. However, an internal correction seems to be occurring, which is not fully visible on the broader time frame. XRP is currently positioned between the all-time high and the 2021 breakout point.
At the time of writing, XRP is trading at $2.47 and is up by more than five percent in the last 24 hours. A key level to watch is the $2.48–$2.49 range. A break above this level could signal a move higher. A sustained breakout above the price channel would suggest that XRP may target $2.76 or even higher.
Key Support and Resistance Levels
From a technical perspective, XRP’s key support levels are between $1.50 and $1.79. As long as prices hold above this range, there could be further upside. On the resistance side, the $3.23–$3.30 range, which includes the all-time high, is important.
Longer-term, there is potential for XRP to reach $5–$10, but this could occur during either the third or fifth wave of the larger cycle. The overall trend remains upward, and close attention is being paid to any signs of additional upward momentum.
Risk Factors to Consider
The main risk areas lie between $1.50 and $1.79. There’s a chance XRP could stay above the 2021 high, avoiding a deep pullback. Instead, the price might experience a sideways correction. If the price moves higher, support levels will shift upward along with the price.
Looking at the Shorter Time Frame
On the smaller time frame, XRP is attempting to break out of its current price channel, though the breakout has not yet been confirmed. The chart has followed an ABC pattern, hinting at a potential correction
