An exciting period begins for XRP investors. The price has been stuck in a narrow range for a while. However, the triangular formation in the graphs shows that a major movement is close. So, in what direction will this break be? Analysts say the rise is at the door based on Elliott Wave Theory. But short -term fluctuations may occur before. It is of great importance to follow critical levels for investors.
Elliott wave analysis for XRP
Elliott wave theory, which is frequently used in technical analysis, follows the market’s fluctuation psychology. XRP is currently in the final stages of the triangular formation. According to this theory, existing decreases can only be corrected movements. If these corrections remain above certain levels of support, the long -term rise scenario is strengthened.
Especially the 2.52 level stands out as a critical support point. If the price manages to hold above this level, investors can expect a new upward movement. However, if it hangs below this level, the market may enter a new direction of determination. According to Elliott wave analysis, the market is likely to make a final correction before rising. However, this correction may be a harbinger of a larger outlet if the price finds strong support.
XRP support and resistance levels: Where are the critical regions?
XRP is currently the most important resistance point of the 3.14 level. If the price breaks this area, the upward movement can accelerate. In particular, 4.20 and 5 levels are target points that can be tested in the coming weeks according to Fibonacci analysis. The movements of the major investors and the general feeling of the market will play a decisive role in overcoming these resistances.
When we look at the downward risks, the level of 2.52 is of great importance. If the price falls below this level, uncertainty may increase in the market and the possibility of a deeper correction may arise. However, analysts say that the decreases will be limited and that the XRP is in the long -term rise trend. Therefore, reaction purchases that may occur at support levels should be followed carefully.
Is the expected break close?
The triangular formation has been completed and the market may be on the verge of a major movement. However, as the volume is low on weekends, the price is likely to move on the narrow band for a while. A clearer direction is expected to be determined at the beginning of next week.
If XRP exceeds resistance levels, we can see significant gains in the coming weeks. However, it is always necessary to be careful in the market. It is of great importance to pay attention to the support levels until the breaking direction becomes clear. Investors should determine the strategy considering the transaction volumes and the movements of big players. In this process, it is patient and expecting signals that confirm the direction of the market will be the healthiest approach.
