XRP Price Prediction: Will the Market Finally Break Resistance and Reach New Highs?

XRP's price action has been a mix of ups and downs lately, with analysts closely watching important levels to see what happens next.

This article provides a technical analysis of XRP price action, highlighting key resistance levels, support zones, and Elliott Wave patterns that could influence the cryptocurrency’s near-term performance.

As the world’s seventh largest cryptocurrency, XRP has been a subject of interest for market analysts, who are closely following its price action to anticipate its next move.

Recently, XRP attempted to break through a strong resistance zone at $2.55-$2.62, but it faced rejection once again. This resistance has been a factor for XRP throughout its bull market, much like other altcoins in the market. Following the rejection, the price pulled back slightly but managed to stay above crucial support levels.

Despite the small dips, the bigger trend for XRP is still bullish. On the daily chart, XRP continues to form higher highs and higher lows, which is a classic sign of an uptrend. Currently, the price is finding support around $2.30-$2.34, a zone that was previously a resistance area. As long as XRP stays above this level, the bullish momentum is expected to continue.

If the price falls below $2.30, the next important support sits between $2.10 and $2.15. Dropping below this zone could lead to a deeper pullback in the short term.

Chart: TradingView

Short-Term Price Action: Calm Before The Move

XRP is still under the effect of a recent bearish divergence, which caused a small drop followed by sideways price movement. At the moment, it seems that XRP won’t make any big moves right away.

Bitcoin, which often leads the crypto market, is still holding strong – and when Bitcoin stays steady, altcoins like XRP usually follow quietly for a while before making their moves.

Many market watchers believe that if Bitcoin continues its upward trend, then XRP could start recovering in the coming days.

Elliott Wave Analysis Suggests One More Rally

According to a recent market analysis based on the Elliott Wave theory – a popular tool to predict market cycles – XRP might still be in the middle of its fifth and final wave to the upside. This wave likely started when XRP hit a bottom in July last year.

If this pattern continues, then XRP could aim for new highs, with long-term price targets at $4.20, $5.00, or even $5.65 before a bigger market correction begins.

Crucial Support And Resistance Levels To Watch (Long Term)

For now, XRP remains in a tight range. Key resistance sits just above $3.30, while strong support lies at $1.21. As long as the price stays above $1.21, the bullish outlook stays in place. A drop below this level, however, would weaken the current setup and might force analysts to rethink their predictions.

In the short term, XRP has completed a five-wave pattern, and according to Elliott Wave rules, a three-wave pullback could be next. The expected support for this pullback lies between $2.60 and $1.79. As long as XRP holds above $1.79, the bullish trend remains safe.