XRP Approaches Critical Technical Zone with Potential Bullish Outcome
- XRP is trading around $1.36, testing the lower part of a critical support range between $1.36 and $1.31.
- The cryptocurrency is squeezed between a descending resistance line and a rising support line, indicating limited space for consolidation.
- According to Elliott Wave theory, XRP is in the corrective Wave 4 phase, which precedes the final Wave 5 expansion.
- Dark Defender’s analysis suggests a potential breakout above $1.47, aiming for Fibonacci extensions up to $8.7822.
XRP’s current trading position near its support zone is crucial as it could determine whether the cryptocurrency will break out of its consolidation phase or remain under short-term resistance levels. The technical setup aligns with Elliott Wave theory, suggesting a possible bullish continuation if key resistance levels are surpassed.
Holding above the $1.36 support level is vital for maintaining the bullish wave count and targeting higher Fibonacci extensions up to $8.7822 as projected by Dark Defender’s analysis.
