XRP is currently down by more than 6% and has dropped below the $ 3 crucial bar. From the low swing in December, XRP was regularly moving upwards. However, the price has now reached a setback and tests the support levels of less than $ 3. Although the following movement is still pending, analysts are optimistic that XRP is preparing for another bullish phase.
XRP current market structure:
According to the Elliot Wave analysis, The XRP price movement has shown an impulsive increase reason, with withdrawals appearing of a corrective nature. This suggests that a third potential ascending wave of movement may soon take place. The current price structure indicates that XRP could be positioned for a break. A critical support level to monitor is $ 2.76, which is essential to maintain the upward trend on smaller deadlines.
Key resistance and support level:
The larger market scheme, which made a correction in mid-January, opens the land for a possible upward movement with five waves. However, an escape above the previous summit at $ 3.40 is essential to confirm the continuation of the upward trend.
If XRP fails to exceed this level, the market could undergo a lower support level test between $ 2.51 and $ 2.68. In this case, the overall structure of the market may have to be adjusted.
Despite uncertainty, the feeling of the market remains largely optimistic, especially if XRP manages to exceed resistance at $ 3.40. The next major objectives for XRP, if the Haussier dynamic continues, is $ 4.20 and potentially $ 5. Overall, XRP is promising, many traders preparing for a potential escape in the coming weeks.