- XRP has a price of 2.99, which advanced by 5.2 % over the past 7 days and is trading under 2.94 support and 3.01 resistance.
- The Elliott wave pattern indicates that there are already A-D waves and the remaining E wave is being monitored.
- XRP is trading at 0.00002648 BTC, an amount that represents a change of 0.8, which underscores its relative performance with regard to Bitcoin.
XRP is still trading in a constricted form of trading, which displays prudent market behavior at the present price level. As of reporting, XRP has been trading at $2.99 indicating a rise of 5.2% in the last seven days . The trading pattern indicates strong support at $2.94 and resistance at around 3.01 which makes the trading confined within a small range. This reserved framework has attracted the eye of the trader because they observe the possible development of the Elliott wave pattern that is characterized by points A, B, C, D, and E.
Elliott Wave Setup and Price Formation
The current chart outlines an Elliott wave sequence where XRP has formed clear peaks and troughs. Points A, B, C, and D have already developed, with the possible E wave under observation. This construction is indicative of a narrowing wedge, which is usually synonymous with small price growth until the point of breakout.
It is important to note that price action remains respectful of the downward sloping trendline without going below the horizontal support at about $2.94 with analysts projecting a $2.95 breakout.
The role of the E wave remains uncertain, but its positioning will likely define short-term momentum. Each wave has shown lower highs, highlighting the relevance of the upper resistance line near $3.01. Market watchers note that price behavior between these boundaries could decide whether XRP sustains its recent upward movement.
Current Range and Market Interaction
Over the last 24 hours, XRP has fluctuated within the $2.94 to $3.01 range. The token briefly approached resistance but did not establish a sustained breakout. This interaction underlines the importance of the range in determining upcoming moves. The market has shown increased volume during tests of the resistance line, although sellers continue to limit further expansion .
Relative performance against other assets provides additional context. XRP trades at 0.00002648 BTC, reflecting a 0.8% shift in the same period. This ratio highlights how XRP’s valuation interacts with Bitcoin, reinforcing the significance of its tight price band.
Support and Resistance Dynamics
Support at $2.94 has remained intact despite repeated tests in recent sessions. Buyers have consistently stepped in to maintain this boundary. Conversely, resistance at $3.01 has prevented further gains, keeping price action compressed between the two levels. The persistence of this range shows ongoing market indecision.
Traders continue to evaluate the interaction of XRP with the Elliott wave setup. Whether the E wave fully materializes will be closely monitored, especially as price remains locked between support and resistance.
