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In recent market movements, XRP has seen mixed price action and is down by more than four percent on the weekly chart. At press time, XRP is trading at $3.12 and has slightly drifted to the green zone.
The Key Scenario: Price Expected to Reach New Highs
There is a scenario where XRP could make one more move to the upside before a potential shift in trend. As of now, the price is expected to rise, potentially reaching a new peak. However, the crucial question remains: will this push higher lead to further gains, or will it mark the peak of the rally before a correction begins?
After a five-phase pattern, a major top or larger correction typically follows, signaling increased risk. This doesn’t necessarily mean a bearish trend, but the current rally could be nearing its end.
Potential Breakout Targets: Where Could the Price Head Next?
On the smaller time frame, XRP is facing resistance at its all-time high of $3.30. A breakout above this level could see the price surge towards new targets, including $4.19, $5, and possibly even $6.61.
XRP recently completed an internal triangle pattern, which broke out to the upside on January 13. However, the price failed to break above its all-time high and has since entered a consolidation phase. There is no clear breakout signal at the moment, and the price is holding above key support levels between $2.52 and $2.94.
These support levels have been respected multiple times, and the price recently reacted to the $2.81 level, which represents a 50% retracement. The expectation remains for a continuation to higher prices, with potential moves to $4.90 or even $5. However, it’s also possible that XRP may form another low before continuing upwards.
Traders should watch for a breakout above $3.30–$3.40 to confirm the continuation of the bullish trend. Until that happens, a pullback to the lower support levels remains a possibility.
