Ripple’s XRP has experienced a slight positive price movement, reacting to a micro support region between $2.24 and $2.21. While the current movement is not impulsive, XRP has been forming higher highs and higher lows since touching the support zone, signaling some bullish momentum. As part of an internal wave, the ideal target for the C-wave of the D-wave is around $2.59, representing a Fibonacci extension milestone. This ABC structure may lead to a price move towards this level before completing a larger wave pattern, with a potential E-wave setting a higher low for a breakout.
There is also a possibility of a triangle pattern forming, with the D-wave potentially breaking out to the upside. Confirmation of this scenario would require the price to surpass the previous A-wave high at $2.38-$2.39. Failure to break above this level could indicate a different market structure, such as the B-wave. In the bullish triangle scenario, waves A, B, C, D, and E would form with no lower lows, only lower highs and higher lows before an upward move. Alternatively, the blue wave count suggests a larger correction with a WX-Y structure, where the Y-wave may evolve into a triangle pattern, although this is speculative at this stage.
It is crucial to monitor key levels to determine support and potential invalidation points for the current bullish outlook. If XRP drops below $2.24 and subsequently below the swing low at $1.94 (from December 20th), the blue wave count could become more likely, leading to further downside towards the Fibonacci target area between $1.80 and $1.39. Looking at a larger time frame, if XRP continues sideways movement or forms a wave four correction, the overall pattern suggests at least one more high, potentially reaching targets around $3.25 to $3.30, close to the all-time high.
Overall, Ripple’s XRP is showing signs of bullish momentum, with potential price targets in the short and long term. The Fibonacci targets and ideal price moves indicate a potential upward trajectory towards $2.59, while a possible triangle pattern could lead to a breakout if certain key levels are breached. Monitoring support levels and invalidation points is essential to track market developments, as alternative wave counts may come into play. Despite some uncertainty, the long-term outlook suggests the potential for further highs before completing the current wave structure, aiming towards targets near the all-time high of $3.25 to $3.30.
