The immediate resistance is between $ 2.30 and $ 2.34. If XRP can break this level, the following obstacles will be placed at $ 2.44 and then between $ 2.56 and $ 2.62. These are crucial areas to look at, because an outbreak above it can change the entire direction of the XRP price trend.
Forms a bearish pattern?
If XRP is rejected in the resistance between $ 2.30 to $ 2.34, this threatens to form a head and shoulder pattern on the daily graph. This is a bearish board and can drag the price of XRP far below $ 2.
To prevent this, XRP candles above $ 2.34 must close and ideally above $ 2.44. If that happens, it can even indicate a larger bullish pattern that is called an upside -down head and shoulders, which can lead to higher prices.
That said, there is an important safety net for XRP bulls. As long as the price above the support zone is between $ 1.21 and $ 1.55, the Bullish Case remains intact in the long term. However, a fall below this area would mean that a larger correction is still unfolding.
What is the bigger picture?
Analysts follow the XRP movement with the help of Elliott Wave Theory in a longer period of time. According to this, XRP can currently be in a fifth wave to the top, aimed at much higher goals such as $ 5.65 but only if the market gets Bullish Momentum and breaks into new all-time highlights.