XRP remains below its all-time highs, while the market still shows potential for upside. The general expectation remains bullish, as a possible five-wave Elliott Wave pattern suggests higher prices ahead. After completing a fourth wave triangle, XRP is consolidating and there is still opportunity for further gains. At the time of writing, XRP is trading at $3.21, down more than two percent in the past 24 hours.
Key resistance and support levels
XRP is currently facing resistance at the $3.30 level. The price consolidates just below this key point, building strength for a possible breakout. There has been a slight pullback of 7%, but in the volatile world of cryptocurrencies this is not significant, especially considering the previous 45% increase.
Support levels remain important to watch, especially between $2.52 and $2.94. This range could serve as the basis for any pullback, potentially paving the way for a move higher.
Market structure and potential for withdrawal
While the possibility of a pullback is still on the table, there is no clear evidence of a major top formation. A triangle pattern could still develop, and the market could continue to form higher highs. However, any withdrawal, if it occurs, should be relatively superficial.
The main disconfirmation point for the current bullish outlook is at the $2.32-$2.33 level. As long as XRP remains above this level, the trend will remain upward.
Next upside targets for XRP
Looking ahead, the next major upside targets for XRP are at the USD 4.20 and USD 5 levels. If these are broken, the price could head towards the $6.61 region. These levels are part of a broader bullish long-term outlook for XRP.