Ripple’s XRP is currently showing positive momentum, with a rise of over one percent and trading at $2.28. After dipping below $2, the price is now on a bullish trend. While Bitcoin and other cryptocurrencies are experiencing a downturn, some traders are seizing the opportunity to buy more XRP. The coin has been consolidating around the $2 mark, indicating stability and potential for growth for holders. Despite the overall market witnessing liquidations, with $680 million wiped out in the past 12 hours, XRP seems to be holding its ground.
Short-Term Price Range and Potential Movements
At present, XRP is fluctuating between $1.96 and its all-time high of $3.30. The price is confined within this range, but there is a possibility of an upward movement. A bullish scenario in the short term could lead to one or two additional highs, aligning with the wave structure seen in other major cryptocurrencies like Bitcoin.
Possible Elliott Wave Count and Structure
Two potential Elliott Wave counts are being considered for XRP. The first suggests that the peak has already occurred, with the current price action forming a fourth wave triangle. If this scenario unfolds, a final fifth wave could cap off the current bullish cycle. The second wave count indicates a slight 4-5% increase before the cycle wraps up. It is crucial to monitor the current structure and its implications for the market.
Validation and Invalidations: Key Price Levels
To maintain the triangle scenario, XRP needs to stay above $1.90. A breach below this level would invalidate the triangle count, signaling a more direct ABC correction. This could result in a downward movement before any potential recovery. Flexibility is essential in navigating the market’s microstructure.
In conclusion, XRP is showing resilience amidst market fluctuations, with a potential for further growth. Traders and investors should closely monitor key price levels and remain adaptable to changing market dynamics. With strategic decision-making, XRP holders can capitalize on the coin’s bullish momentum and navigate the current market conditions effectively.