The popular altcoin XRP has struggled to find a clear direction in recent days.
The price movements have been predominantly horizontal, with small fluctuations indicating the possibility of a more significant rise or fall. At the time of writing, XRP is trading at approximately $2.20, showing a 1.56% increase over the last 24 hours.
Short-Term Outlook for XRP Remains Uncertain
Current observations highlight that although XRP has made a slight upward movement, it does not yet signify the beginning of a robust rally. The recent rise appears to be occurring within a three-wave pattern, which could indicate either the initial step toward a larger rally or merely a temporary bounce.
Speculation exists that the corrective phase, interpreted as the B wave, has not yet concluded. If the price begins to move downwards, it may retest the recent low levels around $2.02 to $2.03. Should this scenario play out, support for XRP could be anticipated in the range of $1.90 to $2.
Ripple XRP Price Chart
However, this structure is relatively minor and only pertains to a short timeframe. Therefore, it is premature to discuss developments that could significantly alter the overall picture.
Hope for a Rise Continues, but Clarity Lacks
If XRP has completed the B wave correction and initiated a new C wave, the next target could be the $2.55 to $2.68 range. However, there is currently no clear evidence supporting this possibility. The mixed and indecisive nature of both upward and downward movements complicates forecasting.
Since mid-April, there has been no discernible direction in XRP’s price. The charts largely exhibit a volatile and non-directional pattern, reflecting a market dominated by indecisive investors.
At present, several technical support levels must be monitored closely. Particularly, maintaining above the critical threshold of $1.82 is essential for XRP. As long as XRP holds above this level, the potential for recovery remains viable. Conversely, falling below $1.82 could indicate failed upward attempts, leading to a potential price drop to $1.33, which may pave the way for a more extensive decline.
In summary, the short-term trajectory for XRP is still unclear. A decisive price movement will be critical for both buyers and sellers. Thus, market participants should closely monitor support and resistance levels.
