On the short-term chart, XRP seems to have formed a low around April 7. However, all subsequent rallies since then have been corrective, with chaotic, overlapping movements consisting of three waves instead of clean impulse waves.
The support level at $2.11 has held so far, with additional support at $2.08 and $2.14. The price recently broke a minor Fibonacci support level but quickly recovered without sustaining losses. The market continues to form higher highs and lower lows — a positive sign amidst uncertainty.
$XRP X/USD 1 day There is a temporary Elliott Wave scenario in which XRP may be forming a bullish crossover pattern, although this is not a particularly reliable setup due to the overlapping, ragged structure.
A decisive breakout above the descending trendline from the April 30 low (around $2.12) could signal the beginning of a higher third internal wave.
Key resistance levels to watch include $2.33 and $2.46. A complete break above these levels could create new bullish momentum.
Ripple Unlocks 1 Billion XRP: What Does This Mean?
Ripple recently unlocked 1 billion XRP from escrow. Although an increase in supply typically puts downward pressure, there are still nuances to consider. The market's reaction depends on how Ripple deploys these tokens.
If used for strategic buybacks, such as rumors of a bid for Circle, this could benefit XRP, providing real utility and revenue for the ecosystem.