XRP is attracting attention again after recent price action aligns with a widely followed technical pattern. According to market analyst Dark Defender, the token has completed a significant wave pattern on the 4-hour chart, signaling a potential bullish move.
The analyst revealed on X that XRP previously surged to $2.59 before dropping to $2.36, forming what he describes as wave A of a three-wave sequence. This volatility aligns perfectly with expectations for the early stage of the bullish setup.
Now, attention shifts to wave B and the potential for a strong continuation towards wave C. If the pattern unfolds as expected, XRP could rise to a target of $3.3333, suggesting a major breakout may be imminent.
Support and resistance levels also play a crucial role in shaping market sentiment. The analyst points out key support zones at $2.3502 and $2.2222, which may help absorb selling pressure if a short-term decline occurs. Resistance is expected near $2.58, a level traders believe could unlock further profits if broken.
Traders Monitor Key Levels as Momentum Builds Towards Breakout
Market participants are closely monitoring the $2.55 area as a potential turning point. A solid recovery from this level could indicate that wave B is in progress, and a new advance may soon follow.
Meanwhile, chart analysis continues to show higher lows, a sign that buying pressure remains strong. This supports the idea that XRP's current consolidation phase may soon give way to a bullish breakout.
At the time of reporting, XRP is trading at $2.42, marking a slight decrease of 1.65 percent in the past 24 hours. However, trading volume has surged to $5.39 billion, up over 30 percent, indicating increasing interest from investors.
Wave-based analysis remains the preferred method to track potential price movements of XRP. With the current market structure showing strong signs, many traders are positioning for the possibility of a breakout if the resistance level is breached.
As XRP trades near a critical level, the market is closely watching to confirm the next wave. A successful move above $2.58 could signal the beginning of a strong bullish rally to $3.33, as anticipated in the current technical setup.