- XRP aims for breakout above $2.11 to confirm next wave.
- Price bounce from $2.04 signals potential bullish continuation ahead.
- Key resistance at $2.11 holds the key to XRP’s future.
XRP’s recent price action has caught the attention of many traders, as the cryptocurrency looks to initiate a new wave of upward movement. After bouncing off the critical $2.04 support level, XRP is currently positioned above its moving average (MA), signaling the potential for further bullish momentum. The RSI indicator has also shown an upward shift, reinforcing the idea that the buying pressure is increasing.
The Key $2.11 Resistance Level to Watch
For XRP to confirm the start of the next upward wave, it needs to break above the $2.11 resistance level. This level is crucial, as it marks a significant hurdle that has previously limited the cryptocurrency’s movement. If XRP can push above this level and maintain it as support, it could set the stage for the next leg higher.
The price target for this next phase is around the $2.41 to $2.43 range, with a potential double top formation in sight. These targets are based on Fibonacci extensions and represent key levels that could dictate XRP’s trajectory in the coming days.
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Why the $2.11 Level Is So Important
XRP’s price is currently at a critical point, finding support at the 0.5 Fibonacci retracement level, which corresponds with a typical Wave 4 correction in Elliott Wave analysis. This retracement is often seen as a consolidation phase before the market moves into the next leg higher. However, the $2.11 level remains a key resistance, and breaking through it is necessary for XRP to maintain its bullish outlook.
If the price fails to hold above this level, it could trigger a deeper correction. Nevertheless, the overall sentiment still favors an upward continuation, provided that XRP can successfully break above the $2.11 resistance.
Looking Ahead: Targeting Higher Levels
Should XRP manage to break above the $2.11 level and hold it as support, the next targets are in the range of $2.41 to $2.46. These levels represent significant Fibonacci extension points, and if the price pushes through them, it could signal the start of the fifth wave in the current Elliott Wave cycle. With the current market conditions and technical indicators aligning, XRP could be on track for another push toward these higher price levels.
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