• XRP’s price movement aligns with the Elliott Wave Theory, indicating a potential continuation of the upward trend
• The current surge represents the pivotal third wave, which is often the strongest and longest in an upward trend
• Key resistance levels to watch are $1.80 and $2.00, with the latter serving as a psychological and historical barrier
The price of XRP has recently seen impressive gains, rallying above the $0.100 and $0.130 levels. According to Elliott Wave theory, this price action indicates that XRP may be starting the third wave of a bullish trend.
Breaking Through Resistance
XRP’s previous moves broke above $0.100 and consolidated around $0.130, forming what appears to be the first and second waves of an Elliott Wave pattern. The current surge in price marked by high volume likely signals the start of the third wave.
Third Wave Often Strongest
The third wave in Elliott Wave theory frequently sees the largest gains, as it draws in new buyers and intensifies bullish sentiment. During this wave, XRP could reach significant price levels. The first target is the psychological resistance at $0.180.
Pivotal Price Levels
The initial notable resistance stands at $0.180. Breaking above this would confirm the strength of the third wave. The key levels beyond this are:
- $0.200 – A psychological and historical barrier that could spur more FOMO buying if broken
- $0.220 – Potential upper extension of the third wave if rally persists
Falling below the crucial $0.130 support could indicate a weakening trend and invalidate the Elliott Wave count.
Volume Remains Key
While the Elliott Wave pattern points to more upside for XRP, trading volume remains the driving force. Sustained high volume is needed to push prices higher within the expected third wave.
