XRP Price Reaches $0.80 Despite Market Correction — Here’s Why it Can Go Above $2

Key Takeaways

• Ripple’s XRP broke out from a long-term symmetrical triangle.
• XRP moved above the range high of $0,63, existing since July.
• How long will this upward movement of XRP continue?

Even though the crypto market has fallen in the past 24 hours, the XRP price has gone against the grain and increased nearly 15%, crossing $0.80. The upward movement resulted in a breakout from a long-term symmetrical triangle pattern.

Does this breakout mean the lengthy XRP correction is finally over? If so, will the XRP price head above $1? Let’s find out.

Why is XRP Going Up?

The weekly time frame XRP price chart shows a breakout from a long-term symmetrical triangle that had existed since 2021. Before this week, XRP made seven unsuccessful breakout attempts.

The wave count suggests that the XRP price has started wave C in an A-B-C corrective structure. If this is the case, XRP can reach a high of $2.39, giving wave C the same length as wave A.

The sub-wave count (black) suggests the entire triangle created wave B.

Technical indicators align with the bullish count and imply the upward movement will continue. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) both trend upward and are above their bullish thresholds at 50 and 0, respectively.

Therefore, the weekly time frame suggests the XRP price trend is bullish and the upward movement will continue.

Parabolic XRP Rally

The daily time frame chart shows that the upward movement has become completely parabolic. The rally started once XRP broke out from a descending wedge pattern and immediately took the price above the range high of $0.63, which had existed since July.

XRP briefly returned to validate the area as support before resuming its upward movement. There are no signs of weakness in the daily time frame since even though the RSI is overbought, it has not generated any bearish divergence yet.

However, the short-term wave count suggests an initial retracement could occur before the price resumes upward movement. The wave count implies XRP is in wave three (white) of a five-wave upward movement.

The sub-wave count is in black, indicating that the XRP price is in sub-wave five after breaking out from a symmetrical triangle, which was sub-wave four.

Sub-wave five already has the same length as sub-wave one, so the XRP price may have reached the top of its short-term upward movement. If wave five extends, the price can reach a high of $0.89 before correcting.

In any case, the XRP price may retrace in the short term, falling to the 0.382 Fibonacci retracement support of $0.71 or even back to the range high of $0.63. The long-term trend remains bullish.

Correction Before Upside

The XRP price broke out from a long-term triangle, moving above $0.80, the highest price since July.

While a short-term retracement could occur, the long-term trend is bullish and gives an XRP price prediction of $2.39 for the top of the current movement.