Ripple’s XRP is up more than one percent and is trading at the $2.28 level at the time of writing. After retesting levels below $2, the price is now maintaining its bullish momentum. Bitcoin and other coins are also currently in the red, and some traders are taking advantage of the decline by buying more. The price of XRP has consolidated around the $2 mark and could stay there for a while, which is a good sign for holders. Overall, the market is witnessing numerous liquidations, with $680 million wiped out in the last 12 hours alone.

Short-term price range and possible movements

Currently, XRP is trading between $1.96 and its all-time high of $3.30. The price remains under pressure within this range and a potential upward move could still be on the horizon. In a short-term bullish scenario, one or two additional highs could occur as part of a larger wave structure, similar to what is expected with other major cryptocurrencies such as Bitcoin.

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Possible number and structure of Elliott waves

There are two possible Elliott wave counts on the XRP chart. The first suggests that the top may already be reached and the current price action is forming a fourth wave triangle. If this number holds true, a final fifth wave could complete the current bullish cycle. The second wave count suggests there could be another 4-5% upside before the end of the cycle. The focus remains on the current structure and its possible effects.

The price of XRP is on a rollercoaster ride. Curious about where the journey is going? Read our long-term XRP price prediction for the full outlook!

Validation and Invalidation: Important Price Levels

To keep the triangle scenario alive, XRP needs to stay above $1.90. If price falls below this level, it would invalidate the triangle count, suggesting a more direct ABC correction. In this scenario, XRP would likely decline before any potential recovery occurs. For now, it is important to remain flexible about the exact microstructure of the market.

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