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Ripple’s XRP is currently up by more than two percent and is trading above the crucial $2.15 level at the time of writing. According to analysts XRP market remains in an uptrend on the larger time frame, with key support found between $1.50 and $1.79.
As long as XRP holds above these levels, the focus is on higher price targets. However, it is essential to note that the market remains fragile, as the breakout point is not yet fully established.
Consolidation Phase and Potential for Higher Prices
At present, XRP is consolidating, but there is still potential for upward movement. A successful breakout and further momentum could lead to an attack on the all-time high, which remains a strong possibility in the near future. However, a drop below the $1.96 level would shift the focus to the key support zone, between $1.50 and $1.79.
Short-Term Outlook: Sideways Consolidation
The price action appears to be in a sideways consolidation pattern, similar to what is seen on the HBAR chart. This consolidation could represent an Elliott Wave triangle pattern, which often leads to boring price movements. The triangle consists of five waves, and we are currently in the process of completing these waves. To confirm the continuation of this pattern, XRP would need to hold above the low of the C-wave at $1.94.
If the price falls below $1.94, XRP could enter the Fibonacci support zone between $1.39 and $1.80, where further consolidation or correction may occur.
Conclusion: Waiting for Confirmation
Currently, there is little new development in the market, as XRP is either consolidating or showing minimal movement. The key levels to watch are $1.96 to the downside and the B-wave high around $2.72 to the upside. Any movement beyond these points will give clearer direction, but until then, we remain in a wait-and-see mode.
