This price signal is crucial

The price of XRP is currently at $1.66, indicating an impressive rally. According to the Elliott Wave Theory, XRP could be about to enter the crucial third wave of its price action, often considered the strongest and longest wave of an uptrend. XRP could reach notable price levels during this phase if momentum continues to build.

XRP’s previous moves broke the $1.00 level and consolidated around the $1.30 level. According to the Elliott wave pattern, they appear to have formed the first and second waves. The third wave represents the current price increase, which was characterized by high trading volume and strong momentum.

Because it attracts new buyers and reinforces bullish sentiment, this wave usually performs better than the others in terms of price growth. XRP could reach significant levels during the third wave. The first target, which corresponds to the past price movement, is the psychological resistance zone of $180.

Furthermore, the $2.00 level is emerging as the next crucial level, serving as a benchmark and possible attraction for traders. In terms of key price points and future outlook, the first notable resistance level lies at $1.80. If this were to be broken, the strength of the third wave would be confirmed.

Related

$2.00: A psychological and historical barrier that, if broken, could lead to more FOMO (fear of missing out) buying.

$2.20: This could serve as an upper extension of the third wave if the rally continues. If the price falls below $1.30, which is a crucial support level, it could indicate a weakening trend and invalidate the wave structure.

XRP’s current movement is somewhat consistent with the Elliott Wave theory, which suggests a continuation of the current trend. However, in addition to price movement, do not forget about trading volume, which is the main driving force for the asset.