XRP Price Has Been Moving Sideways

The price of XRP has been moving sideways without any clear direction for the past few days, and today's analysis focuses on the shorter time frame

In the past few days, the price of XRP has been moving sideways without any clear direction. Today's analysis will focus on the shorter time frame since the bigger picture hasn't changed much. At the time of writing, XRP is trading at $2.18 and is up by more than 1%.

XRP has made a small move to the upside, but it's not yet strong enough to confirm a solid uptrend. The recent increase looks like a three-wave pattern, which could either be the start of something bigger or just another temporary bounce.

If this is the first impulse wave (i) of a larger five-wave structure, then the next resistance level is at $2.34, where the 1.618 Fibonacci extension of (i) falls. A break above this zone could open the way for gains to $2.50, the 0.5 Fib.

On the other hand, if XRP has already completed its B-wave correction and started a new C-wave upwards, it could target the $2.55–$2.68 zone. However, there's not much clear evidence to confirm this yet — both the recent moves up and down have been choppy, making it difficult to predict the next big move.

Looking at the intermediate time frame, it seems like the cryptocurrency has already completed the B-wave portion of a larger corrective pattern. If so, then the final C-wave could reach around $1.46–$1.34, or even lower.

However, there's a chance that the B-wave isn't over yet, and if so, it could be heading towards the $1.94–$1.82 zone, where the 0.382–0.236 Fib. levels lie.

From mid-April, the price action of XRP has been messy and directionless, mostly moving sideways. While there's still a chance for higher prices, traders should watch for key support levels: