The XRP price is down more than 14% in the last 24 hours . However, it is currently trading just above the $2 level. The decline was supported by a retracement to 2021 highs. However, the price’s failure to surpass previous highs suggests that more movement is needed to confirm upward momentum.
XRP Market Structure and Wave Analysis
The current market structure suggests that XRP is in the fourth wave of a larger correction. After the three-wave decline of wave A and the rise of wave B, XRP is currently experiencing a C-wave decline. Reaching a 100% expansion level is one of the technical targets of this C-wave.
However, it is still likely to see another loss after these levels. During liquidity events, it becomes difficult to analyze the wave structure correctly. Therefore, traders should carefully monitor potential support levels.
Critical Support Levels
If the price continues to fall, the first support levels to watch are around $1.85. This area stands out as an area where two important support levels overlap. After that, $1.78 and $1.66 are listed as the next support points. XRP’s next move will also depend on the movements of the general crypto market, especially Bitcoin . Some analysts are predicting that XRP will continue to rise after its impressive rally in the past weeks.
One analyst has claimed that XRP will outperform Bitcoin and Ethereum . He also claims that it will experience another 98% increase in the short term. This prediction indicates that the price could rise above $5. The analyst’s prediction is based on XRP retesting a four-year resistance zone. XRP has gained 170% since this prediction, leaving Bitcoin and Ethereum behind. The analyst, who argues that there is still momentum for XRP’s rise, stated that the price could reach previously predicted targets.
US Election Impact on XRP
Donald Trump’s victory over Kamala Harris in the US presidential election has created a positive atmosphere in the crypto space. XRP and Ripple are seen as one of the biggest beneficiaries of these developments. Trump’s promise of crypto-friendly regulations could help Ripple resolve its legal battle with the SEC, allowing XRP to reach its full potential.
The Trump administration’s pro-crypto approach and appointment of crypto-friendly names to key positions are promising for the future of XRP. The conclusion of Ripple’s court case could positively affect XRP’s price movements.
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