XRP Price Prediction For January 26
XRP has been trading sideways for much of the week, with little movement suggesting a major trend shift in the near term. XRP is approaching the end of a triangle pattern, which usually indicates that a decision point is close. With XRP currently stuck in the $3.08 to $3.14 range, the market must now decide which direction to take. Prices are also down more than 2% on the weekly chart.
Elliott Wave Analysis of XRP
Using Elliott Wave Analysis (a popular sentiment-based method of predicting market movements) Analysts expect XRP price to rise in the near future. However, this does not guarantee that the breakout will be immediate to the upside. Upswings may be preceded by minor declines, but as long as pullbacks are corrective in nature (slow, overlapping moves), the long-term trend remains bullish. These corrections are expected to remain above key support levels, specifically the $2.52 level.
Key support and resistance levels
The triangle pattern on the XRP chart was completed on January 13, marking the end of the current consolidation phase. From an Elliott Wave perspective, this could mark the beginning of a larger five-wave rally. The key support level to watch is $2.52; a break below this level could signal a shift in market direction, creating more uncertainty. A decisive break below this support would signal the possibility of a deeper correction.
On the bright side, if XRP manages to break above the resistance, the next target to watch is around $4.20 and eventually the $5 mark. These Fibonacci extension levels will give us an indication of price action in the coming weeks.
With the triangle formation nearing completion, a breakout is expected soon, but it may take some time to materialize. Volume tends to be lower over the weekend, so prices are likely to fluctuate around key support levels until a more decisive move occurs early next week.
