XRP Price Prediction For January 16
Currently, XRP price has experienced an impressive rise, but has yet to break past all-time highs. While the price is still some way off this high, it is already showing a significant upward trend.
For the bullish structure to continue and move XRP towards higher price targets, the price must hold support in the $2.48 and $2.83 ranges.
If XRP successfully tests and holds these levels, Prices may continue to move higher, Target reaches $5. However, the market must prove its strength through support levels before we can confidently move towards these higher price points.
Wave structure and market sentiment
Currently, experts are tracking a five-wave upward move, which suggests that XRP is in the middle of a larger pulse structure. The third wave of this structure is particularly strong and is already showing momentum. However, after such an impulse move, a pullback may be part of a second wave of correction.
Watch out for pullbacks
A correction is expected to be an important opportunity for the market to confirm its strength. This correction is expected to test support between $2.48 and $2.83. If the price remains within this range and finds support, it means the bullish trend remains intact and XRP is likely to continue rising.
A move below $2.48 would challenge the bullish structure but would not completely invalidate the larger trend. The failure point for this microstructure is around $2.33, which is the swing low from January 13th. Additionally, the $2.70 level also provides structural support and may play a key role in preventing further declines. However, without a healthy pullback to retest support, the market will struggle to build enough momentum to continue rising.
