Key Insights:
- XRP holds key support between $1.75–$2.16 and is now targeting the $2.60 midpoint level.
- Wave structure suggests possible upside, but confirmation depends on five clear upward moves forming.
- Resistance near $2.69–$2.84 remains the major hurdle for any continued bullish move in XRP.
XRP has moved up from a support area between $1.75 and $2.16, now trading around $2.19. This bounce comes after price tested the bottom of a wide range and showed a short-term recovery. The support area includes several Fibonacci retracement levels, though some measurements are less exact due to uneven lows recorded on October 10 across different exchanges.
While the support zone is still valid from a structural point of view, it is viewed as fragile by some analysts.
One comment noted,
“Price data varies by platform, which makes the zone harder to measure with precision.”
Price Range Holds for Now
XRP has been trading sideways since December 2024, staying within a large range. This type of consolidation has occurred before and is typical for XRP, which often stays flat before larger price moves. Traders have been monitoring this structure for months, with no confirmed breakout.
The next short-term focus is around $2.60, which marks the midpoint of the channel. This level has seen price reactions in the past and could act as the next target if current momentum continues.
Upside Pattern Under Review
There is a possible Elliott Wave structure forming, based on the idea that a wave 4 correction ended in October. If accurate, XRP may now be starting a fifth wave higher. A common Fibonacci projection places that move around $5.09. This estimate is based on technical structure, not a forecast.
For this pattern to remain valid, XRP must build five clear moves upward from current levels. Without that formation, the structure is not confirmed. As one analyst noted, “The setup is there, but price needs to follow through.”
Resistance Ahead Near $2.69
However, XRP faces a key resistance zone between $2.69 and $2.84. This area has blocked previous attempts to move higher. A clean break above it would signal strength and increase chances of a stronger move.
Until then, XRP remains within a known range, showing a short-term bounce but still needing confirmation. The current price comes with a 24-hour trading volume of $4.09 billion. Over the past week, XRP has gained 1.7%, while showing a slight 0.2% decline in the past 24 hours.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/xrp-rebounds-from-key-support/