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XRP is at a crossroads, with users of the asset paying attention to its current price behavior against the two resistance bands at $2.18 and $2.30. As a result, expectations around an impulse move will develop into a projected Wave 3, reaching at least the $2.73 projection noted above.
Specifically, observations of the Bitfinex chart show that the XRP has maintained a price above the $2.07 support without breaking it during multiple tests of that level.
The market now wants to see whether new buyers can sustain upward momentum through the two highlighted resistance bands in the days ahead.
Traders of XRP also follow Elliott Wave structures to analyze the potential move, the projected location of Wave 3 is at $2.73 once XRP breaks through the first two resistance areas.
Also supporting this analysis are the Fibonacci retracement regions surrounding these areas of potential resistance. Traders are focused on the Fibonacci 0.236 near $2.18 and the Fibonacci 0.5 near $2.31 as the next areas for confirmation of the structure.
At the same time, momentum is building across even shorter timeframes from the most recent bottom and following that period. An uptrend is forming in the RSI after finding support near $2.07 and producing increasing upward pressure.
Price hovered near $2.09 during the latest session. XRP maintained structure above the 0.618 and 0.786 retracement zones shown around $2.04 and $2.07. This allowed traders to track a tightening consolidation pattern before any breakout attempt.
Moreover, the chart annotated potential future price targets that could be obtained after a breakout took place. The first target area was aligned to the 1.618 extension around $2.73; the second was located around $3.00 at the other end of the 0.618 macro extension.
These areas offered traders with important points of reference to determine risk and timing. If resistance was taken off one level at a time, there was a strong probability that the same wave structure for progression would develop.
XRP has bounced off this support level ($2.07) several times. As prices began to recover on previous occasions, it became evident that buyers were willing to defend this area during the current consolidation phase.
With this consolidation, XRP traders had the opportunity to accumulate on the next move, paying close attention to the volume near the breakout zone to determine if there were enough buyers above these major levels for an increase in momentum.
This raises the question: can XRP gather enough momentum to break through both resistance levels and complete a successful Wave 3 rally?
Current projections indicated that Wave 4 and Wave 5 targets could shift slightly once Wave 3 reached its full extension. Analysts planned to adjust these measurements after validating the expected move.
Also Read: XRP Price Prediction: Will It Hit $10? Expert Weighs In
XRP continued to hold support near $2.07 while traders monitored its approach to the $2.18 and $2.30 resistance zones. The chart projected a possible Wave 3 advance toward $2.73 once the price cleared these levels. Traders may track momentum closely as the structure evolves.
