Ripple (XRP) remains within a larger price structure that suggests it is currently in the third wave of a broader market cycle. Following the bottom in June 2022, XRP has completed waves 1 and 2, entering wave 3, which typically represents a significant bullish phase.
This wave could propel XRP’s price considerably higher over the coming months. Analysts predict a potential target range of $5 to $10, though it remains premature to estimate this accurately until wave 3 peaks and wave 4 establishes a correction.
XRP is holding above its crucial 2021 breakout point, with the price stabilizing above $1.96, a key support level. Presently, XRP is trading within a range defined by the 2021 high of $3.30 (resistance) and its all-time high of $1.96 (support). These levels form critical zones, providing a roadmap for future price movements.
The immediate support lies between $1.79 and $1.96. Should XRP fall below this range, the next significant area of support is marked by an orange zone, signaling the possibility of a more pronounced correction. However, this correction would likely be part of the broader third-wave uptrend, maintaining the overall positive outlook for the cryptocurrency.
The third wave has shown an accelerated upward trajectory, which is not uncommon but indicates that pullbacks might be more pronounced. While these corrections could appear sharp in the short term, the long-term trend remains upward as long as key support levels hold.
On a smaller time frame, XRP appears to be undergoing a correction, potentially forming a triangle pattern—a common formation in cryptocurrency markets. Triangles typically precede breakouts and could signal the next major price movement. If XRP breaks upward from this pattern, it would align with the ongoing third-wave rally, possibly testing higher resistance levels.
As XRP navigates this phase, the focus remains on whether support levels can sustain its upward trajectory, paving the way for the next leg of the rally. The broader market sentiment and XRP’s ability to maintain momentum will be critical in determining its near-term path.