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Currently, the XRP price has been experiencing impressive rally, but it has not yet broken its all-time high. While the price is still some distance from this high, it has shown major upward movement.
In order for the bullish structure to continue and for XRP to move towards higher price targets, the price must hold support within the range of $2.48 and $2.83.Â
If XRP successfully tests and holds these levels, the price could see a continued move higher, with targets reaching $5. However, the market must prove its strength through the support levels before we can confidently move towards these higher price points.
Wave Structure and Market Sentiment
Currently, experts are tracking a five-wave upward movement, which suggests that XRP is in the middle of a larger impulsive structure. The third wave of this structure is particularly strong and has shown momentum. However, after such an impulsive move, a pullback is likely as part of the correction for the second wave.
Watch for a Pullback
A pullback is expected, and it will be an important opportunity for the market to confirm its strength. This correction is expected to test the support levels between $2.48 and $2.83. If the price holds and finds support within this range, it would mean that the bullish trend is still intact, and XRP could continue to rally.
A break below $2.48 would challenge the bullish structure, but it wouldn’t completely invalidate the larger trend. The invalidation point for this micro-structure would be around $2.33, which is the swing low from January 13th. Additionally, the $2.70 level also offers structural support and could play a key role in preventing a deeper decline. However, without a healthy pullback to retest support, it would be hard for the market to build enough momentum for a sustained move upwards.
