- XRP price surges 12.77% to $2.36, maintaining firm support between $2.09 and $2.25 amid rising trading activity.
- Analyst More Crypto Online identifies wave 5 of (3) nearing completion, with potential highs above $2.40–$2.80 before wave (4) correction.
- A successful defense of support could trigger wave (5) and a new rally phase toward $3 or higher in the coming weeks.
The ever-volatile world of cryptocurrency, XRP continues to capture attention with its recent price action. XRP is trading at approximately $2.36 USD, marking a significant 12.77% increase from the previous day and positioning it as one of the standout performers in the altcoin space. This surge comes amid broader market optimism, driven by regulatory clarity for Ripple’s ecosystem and growing adoption in cross-border payments.
Renowned crypto analyst More Crypto Online recently shared a detailed technical breakdown on X (formerly Twitter), highlighting an Elliott Wave pattern on the XRP/USD 1-hour chart from Bitstamp. The chart illustrates a classic impulsive wave structure, with labeled waves indicating the progression of the current bull phase. Starting from a low marked as “Y” around $1.50, the price has climbed through corrective waves “alt ii” and “(2)”, followed by impulsive sub-waves 1 through 5 within larger wave (3).
Fibonacci Levels Highlight XRP’s Key Support Zones
Key Fibonacci retracement levels are overlaid, showing potential resistance and support zones. For instance, the 23.6% level at $2.2574 acts as immediate overhead, while deeper supports sit at 38.2% ($2.1643), 50% ($2.0923), and down to 78.6% ($1.7735). The analyst notes micro support between $2.09 and $2.25, suggesting that as long as this holds, wave 5 of (3) could push for one more high, potentially targeting above $2.40 or even $2.80 based on extended projections.
However, the real intrigue lies in the anticipated wave (4) pullback. In Elliott Wave theory, wave 4 typically retraces a portion of wave 3, often finding support near the previous wave’s high or key Fib levels. This correction could test buyer resolve, especially if broader market factors like Bitcoin’s movements or macroeconomic shifts intervene. If bulls defend the $2.09-$2.25 zone successfully, it could set the stage for wave (5), propelling XRP toward $3 or higher in the coming weeks.
Market Momentum Backs the Bullish Case
Historical data supports this bullish outlook; XRP’s price on January 6 closed around $2.35, with highs reaching $2.41. Trading volume has spiked, indicating increased interest from both retail and institutional players. Yet, risks remain—regulatory news from the SEC or global economic turbulence could amplify the pullback.
For investors, this analysis underscores the importance of monitoring micro structures. Short-term traders might look to buy dips near support, while long-term holders could view any wave (4) dip as an accumulation opportunity. As always in crypto, risk management is key: set stop-losses below $2.09 to mitigate downside. With XRP’s utility in Ripple’s network gaining traction, this technical setup could herald the next leg up in its recovery story. Stay tuned for updates as the market evolves.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
