Ripple’s XRP has bounced back and is up by more than 11 percent in the last 24 hours. The price is trading above the important $2.80 level and is now eyeing to break the $3 mark. XRP hit a high of $2.87 and then hit a reverse.
XRP has been in a local uptrend since December 30, characterized by higher highs and higher lows. To maintain the bullish outlook, it’s crucial for these higher lows to hold. Currently, the market is undergoing a sideways correction, which may signal the completion of the triangle pattern.
The triangle could be forming an ABCDE structure, with the E-wave possibly having bottomed last week. Typically, triangle breakouts are swift and aggressive, and the price action so far has been a bit more convincing.
The recent dip in XRP price occurred in three waves, which broke micro support but did not invalidate the overall uptrend. This suggests that the price could test support levels again before making a breakout move. As long as critical support levels hold, the bullish outlook remains valid.
The key level to watch is $1.96. A break below this would suggest that the triangle pattern has failed and could lead to a decline to around $1.80.
As per our latest XRP price analysis, the Ripple could reach a maximum price of $148.37.
By 2050, a single Ripple price could go as high as $418.73.
XRP might reach a high of $3.99 with an average of $3.07.
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