Ripple’s XRP is up more than 1% and is trading around $2.28 at the time of this writing. After retesting the sub-$2 level, the price is now maintaining bullish momentum. Bitcoin and other coins are also currently in a downward trend, and some traders are taking advantage of the decline by purchasing more coins. The price of XRP has consolidated within the $2 range, a level it could stay at for some time, which is a good sign for holders. Overall, the market is witnessing a lot of liquidation, with $680 million disappearing in the last 12 hours alone.
Short-term price range and potential fluctuations
Currently, XRP is trading between $1.96 and an all-time high of $3.30. The price remains under pressure within this range and a potential upward move could still emerge. In a short-term bullish scenario, we could see one or two additional highs as part of a larger wave structure similar to what is expected for other major cryptocurrencies such as Bitcoin.
Possible Elliott wave numbers and structures
There are two possible Elliott Wave numbers on the XRP chart. The first suggests that the current price action may have already peaked, forming a fourth wave triangle. If this number persists, a fifth and final wave could complete the current bullish cycle. The second wave number suggests that a further 4-5% upside could occur before the end of the cycle. The focus is on current structures and potential impacts.
Validation and Invalidation: Key Price Levels
To sustain the triangle scenario, XRP must remain above $1.90. If the price falls below this level, the triangle count becomes invalid, suggesting a more direct ABC correction. In this scenario, XRP will likely fall before a potential recovery. For now, it is important to remain flexible regarding the precise microstructure of the market.