XRP is gaining bullish traction, posting a 3% surge in the past 24 hours to trade at $2.06 at the time of writing. Technical analysts point to a strong bounce from a critical Fibonacci support zone between $1.89 and $1.99, which could signal further upside in the short term.
According to Elliot Wave analysis, XRP’s current price action fits into a classic corrective ABC pattern. The ongoing move is likely the C-wave, projected to unfold as a five-wave structure. If this pattern completes as expected, XRP could reach the 100% Fibonacci extension level, placing it near the $2.15–$2.17 resistance zone.
This resistance range is pivotal. Analysts caution that if XRP is still in a broader wave 4 correction, the price should not break and hold above $2.17. A brief rally beyond this level may occur, but a sustained move above $2.59 would invalidate the current wave count, suggesting the possibility of a larger bullish breakout.
Looking Ahead
The $2.15–$2.17 zone is therefore a key area to watch. Market reaction here could determine whether XRP continues higher or begins a new leg down. A rejection at this level would align with the theory that the market is still correcting, while a clean break could shift sentiment toward a new bullish phase.
On the downside, the $1.89–$1.99 range remains a critical support. As long as XRP stays above this zone, the short-term bullish outlook remains intact.
For traders, all eyes are on XRP’s interaction with these technical levels. With momentum building and the structure of the corrective wave nearly complete, XRP’s next move could provide significant clues about its medium-term direction.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
