XRP Records Impressive Growth

XRP is currently up over 3%, trading at 2.06 USD. According to analysts, XRP is showing short-term strength after holding the Fibonacci support range from 1.89 USD to 1.99 USD. This recovery pushes the price towards the resistance zone from 2.15 USD to 2.17 USD.

ABC Correction Structure

XRP appears to be forming an ABC corrective structure, with the current wave C expected to complete a five-wave pattern. If correct, XRP could reach a 100% Fibonacci extension, corresponding to historical swing highs and a 61.8% retracement from previous moves.

Decisive Resistance Zone

The upper resistance zone plays a crucial role. If XRP is still in the wave 4 corrective phase, the price should not break strongly above the 2.16-2.17 USD level. While it may temporarily exceed this threshold, if it continues to rise above 2.59 USD, it will challenge the current corrective outlook.

Temporary Movement

As long as the trend remains in a three-wave structure, the bullish move can only be temporary within a larger corrective model. Traders should monitor the reaction at the 2.15-2.17 USD range to predict the next move.

Short-Term Support Zone

The area from 1.89 USD to 1.99 USD remains a key short-term support. As long as it holds, the current bullish momentum may continue. Share this cryptocurrency insight with your network!

Source: https://tintucbitcoin.com/phan-tich-song-elliott-muc-tieu-tiep-theo-xrp/

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