XRP's XRP has currently pumped by more than 1%, with a trading price of $2.45. The current price movement of XRP continues to follow a triangular pattern, indicating a potential pump in the short term. The top of this structure has not been confirmed yet, and the overall analysis still points to the formation of an Elliott wave triangle. One potential scenario is that a higher low will occur before the next significant upward movement in the fifth wave.

The ongoing adjustment and market structure

The market has been in a correction phase since reaching a peak of around $2.90 a month ago. This correction has unfolded in a series of three upward waves and three downward waves, which is a typical characteristic of a corrective phase. While a direct breakout is possible, the most likely scenario suggests the formation of a higher low as part of an Elliott Wave triangle pattern.

Key support and resistance levels worth paying attention to

The support level of XRP is defined by the Fibonacci retracement, located between $2.28 and $2.27. The price may find weak support in this area before the next move. Importantly, the major invalidation point for this structure is a drop below $1.95, which is the previous low point on December 20th.

To invalidate the ascending triangle, XRP needs to break through $2.70. Breaking this level will indicate the continuation of the bullish trend, but as long as it stays above $1.95, the market will still test the historical high.

XRP Outlook: Price may pump, but caution is key

Although wave E does not have a minimum requirement, a shallow correction may occur, similar to the previous triangle in XRP's history. The focus is still on the price pump, with key resistance at $2.55, $2.62, and potentially $2.72. Breaking the $2.72 level may trigger the next phase of price exploration, possibly testing the previous historical high around $3.30.