- XRP’s resistance at $2.50 must hold for a continued upward push to $5.85.
- Analysts projects XRP could reach $10-$13 during the W3 phase, with a $26 possibility.
- Selling during the peak of Wave 3 phase could maximize profits and help secure gains.
XRP has been showing strong momentum, recently testing a key resistance level at $2.50. As the cryptocurrency continues its upward trajectory, analysts have been eyeing potential price targets and the critical moment for selling. While many remain bullish, understanding the timing of exits is crucial for maximizing profits. According to the latest analysis by Maelius and Dark Defender, XRP’s current move could signal the beginning of a larger wave.
XRP’s Current Resistance and Support Levels
Yesterday, XRP attempted to break through the $2.50 resistance, which was closely monitored by traders. This level has now slightly shifted to $2.48, as per Dark Defender’s analysis.
The support levels are also important, with the initial ones at $2.37, $2.29, and $2.23. XRP’s current price stands at $2.43, with a 24-hour trading volume of over $4 billion.
The recent price movement has resulted in a 1.42% increase in the last 24 hours, further confirming the ongoing uptrend. As long as XRP maintains above the $2.50 mark, it is likely to continue pushing higher, targeting $2.72, $2.90, and potentially as high as $5.85.
Long-Term Projections: Wave Analysis and Targets
Maelius offers a long-term perspective on XRP’s price movement. Based on historical trends, XRP tends to move rapidly, with short-lived corrections. In previous cycles, significant moves were followed by sharp shakeouts, typically seen in the W4 correction phase.
If the current market structure holds, Maelius projects a target of $10 for XRP during the W3 phase. This is based on the magnitude of previous moves, particularly in 2017. However, it is important to note that there are no bearish divergences on the weekly RSI yet, suggesting that the W3 phase has not yet completed.
Additionally, the market’s size in 2017 was smaller, and the dominance of XRP was not able to exceed certain resistance levels. However, Maelius believes that this time, the resistance area could be breached.
This suggests that XRP could reach a price range between $10 and $13, depending on the performance of the broader market. If XRP’s market dominance remains strong, the price could push even higher, with some projections reaching $26.
When to Sell: Strategy for Maximum Gains
The key question remains: when to sell XRP? Maelius advises caution, emphasizing that selling during the peak of the W3 phase, when XRP’s price hits $10 to $13, would be a wise decision.
As XRP reaches these levels, it may begin to underperform in the broader market. The risk-to-reward ratio (R/R) starts to deteriorate significantly when the price moves parabolically. Hence, gradually existing the market as XRP climbs will allow investors to secure profits before the market peaks.
