Ripple’s XRP is showing a modest increase of over 1%, trading at $2.28 at the time of writing. After a recent dip below the $2 mark, XRP has managed to sustain a bullish trend. While Bitcoin and other major cryptocurrencies are experiencing a decline, XRP’s ability to consolidate around the $2 level is seen as a positive sign for investors. The broader crypto market has also seen significant liquidations, with over $680 million wiped out in the past 12 hours, yet XRP remains resilient.

Price Range and Potential Movement

At present, XRP is trading between $1.96 and its all-time high of $3.30. This range indicates a somewhat squeezed market for XRP, but it also opens the door for potential price movements. The short-term outlook for XRP could see the price pushing higher, particularly if it follows the patterns observed in other major cryptos like Bitcoin, which is currently undergoing a price correction. Traders are hopeful that XRP could continue to rally within this established range, making any upward movement highly anticipated.

Elliott Wave Analysis and Key Price Structure

From an Elliott Wave perspective, XRP’s chart shows two possible scenarios. The first suggests that the top may already have been reached, with XRP forming a fourth wave triangle. If this is the case, a final fifth wave would conclude the current bullish phase. This pattern is typically followed by a correction before a possible rally resumption.

The second possible scenario indicates that XRP may still have some room for growth, with an additional 4-5% upside potential before the current cycle concludes. Traders and analysts will closely monitor these patterns, as they could provide insight into XRP’s next movements.

Critical Levels: Key Support and Resistance

To validate the current bullish outlook, XRP must maintain its price above the critical support level of $1.90. A drop below this level would invalidate the bullish triangle pattern and likely signal a deeper correction, moving XRP lower before any potential recovery. If XRP holds above this key level, it will maintain the bullish trend and could continue its recovery.

Support at $1.90 is crucial, but the price also needs to hold above $2 for continued upward momentum. Any significant break below this support could shift market sentiment and trigger a bearish correction. On the upside, traders are looking for XRP to surpass resistance levels, particularly the $2.50 to $3 range.

Market Sentiment and Future Outlook

Despite the overall market volatility, XRP’s bullish momentum seems intact for now. The price consolidation around the $2 mark suggests stability, and the interest from traders has been rising as the coin retraces and recovers. As long as XRP holds the $1.90 support, investors could see further bullish price action in the coming days.

Looking ahead, XRP’s price action could see a continuation of the uptrend if the coin surpasses key resistance levels. The next major milestone would be a move toward $2.50, and if it continues to hold above that, XRP could test new highs. However, if it dips below $1.90, a deeper correction could occur, testing lower levels before any recovery.

Conclusion

XRP’s short-term outlook remains cautiously optimistic, with key price levels indicating where the coin could either continue its bullish momentum or face a correction. Investors should monitor the $1.90 support level closely, as any breach could signal a shift in market dynamics. However, if XRP continues to hold above this support and capitalizes on the broader market rebound, the coin could see further gains in the near future.

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