Ripple’s XRP has experienced a slight decrease of more than one percent, currently trading at $2.78. In order to confirm a breakout, XRP must surpass the swing high of $2.80, which was achieved on February 4th. Without a confirmed breakout, the market may continue to face resistance.
Resistance Levels Above Current Price
On smaller time frames, XRP is hovering near a different support area close to the current price level. If XRP manages to break above $2.80, the next resistance levels to watch out for are at $2.96 and $3.30. This is crucial because if the rally is simply corrective, it may not extend much beyond the previous high. Surpassing $3.30 would require a reevaluation of whether the pullback phase has concluded and if the market is prepared to surge higher.
Possible Pullback
Should the price retreat back into the support zone, it could present an opportunity for pullback traders to enter the market. However, a direct breakout would shift focus to the resistance area, with $3.40 serving as a key level to monitor.
Potential Targets for XRP
In a bullish scenario, the price must exceed the January high of $3.40. If successful, XRP could aim for targets at $4.20, $5, or even $6.60, completing a five-wave pattern to the upside. Subsequently, a significant correction may follow. While achieving one more high would be ideal, confirmation from the market may take time.
Considerable resistance lies ahead, emphasizing the importance of remaining cautious. A confirmed breakout has yet to materialize, and although the price may surge higher, a pullback into the support area is likely before any new highs are reached.