XRP Price Hits New High with Bullish Momentum Towards $2
XRP has been making waves in the market, breaking out of a long-term descending triangle and signaling a major shift in sentiment. This breakout, supported by strong trading volume, has propelled the price above key resistance levels and reignited bullish momentum. However, XRP recently retraced to its prior high of $1.63 after a 22% decline.
The big question now is whether this rally will result in a double top or if the price can break higher to form a new high. The XRP daily chart tells an interesting story of a potential bullish trend in the making, with the price surging past critical resistance levels and building momentum for higher targets.
According to Elliott Wave theory, XRP is currently in the third wave (iii) of a larger impulsive sequence. This strong wave is historically the most powerful, marked by rapid price acceleration – just like what we’re seeing now. The price is currently testing the 0.382 Fibonacci retracement level near $1.61, and a clear break above this level could open the doors for further advances toward $2.20.
While the Relative Strength Index (RSI) indicates that a short-term correction or consolidation may be on the horizon, the overall bullish momentum remains strong. The breakout above the long-term descending trendline is a significant development, signaling a shift from a bearish to a bullish trend.
As the price nears the peak of wave (iii), we may see a corrective wave (iv) bring the price down to key support zones around $1.01 before the final wave (v) pushes it higher. Keep an eye on the resistance at $1.63 as a breakout above this level could confirm the continuation of the bullish trend.
Overall, the XRP price action is creating an exciting opportunity for traders and investors to navigate potential price movements and capitalize on the emerging trend.
