XRP is trading below $2.30 after a strong rally, consolidating above its 2021 peak despite a recent dip. Analysts suggest XRP is in the fourth wave of a bullish cycle, with higher XRP prices still anticipated.
Ripple’s XRP is currently located in the red zone and is trading below the $2.30 level. Nevertheless, the coin has experienced a rise of over 50% in the past week.
At present, XRP is consolidating at a high level, surpassing the peak of the 2021 bull market. The price is currently fluctuating in a sideways fashion, a phenomenon that is common following a rally
Despite the fact that XRP has declined from its most recent high, it remains relatively near to the point at which the rally commenced.
Wave Structure of the Current
XRP is currently in the third phase of a bullish cycle, which is more extensive. We are actively monitoring the lesser subwaves that are included in this move.
At present, XRP may be in the fourth phase of this structure; however, the rally as a whole has not yet concluded. Although there is a possibility of a more profound correction, the primary objective is to increase prices.
Resistance and Support Levels
While there is insufficient data to determine whether a significant correction is imminent, analysts are scrutinizing critical support levels. This is still speculative, but the price may find support between $1.15 and $1.79 if it draws back.
Market Action: Is it Bullish or Corrective?
At present, it appears that XRP is in a corrective phase, which could result in a more pronounced retreat or a sideways consolidation. Indecision is frequently the result of corrections, which may result in minor fluctuations without a discernible pattern.
Price Targets for the Future
The subsequent targets are approximately $3.20 to $3.30 (previous highs) and potentially $4.20, provided that the price continues to increase. Nevertheless, the subsequent significant movement is contingent upon the persistence of the rally and the stability of support levels.
Micro Support Areas
Support is situated between $2.33 and $2.06 on the shorter time frame, with supplementary support at $2.21. The market is still dubious, as there has been no impulsive price reaction to date. It is conceivable that the price of XRP could establish a triangle pattern, which would involve a period of sideways movement prior to a breakout.
