XRP News Today: XRP Holds Key $2.84 Support Amid Bullish Wave 3 Speculation

XRP’s price action remains closely tied to the $2.84 support level, with bulls successfully defending the zone amid a volatile trading session. The asset’s ability to hold this critical level has reinforced bullish sentiment, particularly as the market anticipates the potential initiation of Wave 3 in a larger Elliott Wave pattern. This phase is historically known as one of the strongest upward impulses, and a confirmed close within the green bullish zone could signal its commencement [1].

The updated Color Code framework continues to highlight the Blue Supply Zone as a pivotal area shaping XRP’s near-term trajectory. According to the model, mid-term gains could push the price toward the $8–$13 range, with long-term projections extending as high as $18–$27. These targets are aligned with Fibonacci extensions and prior market cycles, adding a layer of technical credibility to the outlook [1].

On an intraday basis, XRP traded between $2.84 and $2.97, closing near $2.91 following a late-session recovery. The price action demonstrated a balance between downward pressure and accumulation at lower levels, with buyers stepping in to reinforce the support at $2.84. This resilience prevented a deeper pullback and reaffirmed the zone as a key defensive area for the bulls [1].

Looking ahead, a confirmed breakout above $2.97 could serve as a trigger for renewed upward momentum. This level has become a short-term focal point, and a sustained move beyond it may validate the continuation of the bullish trend. Conversely, a breakdown below $2.84 could expose the asset to further downside risks [1].

XRP’s ongoing consolidation between $2.84 and $2.99 has drawn attention from traders, as it represents a crucial psychological barrier. A sustained close above $3 would likely serve as a bullish confirmation, opening the door for a potential multi-dollar breakout. Market participants remain confident in the technical structure, citing years of consolidation and past breakouts as validation of the current trend [1].

Analysts suggest that XRP remains 27.9% away from its all-time high, indicating there is still substantial room for appreciation if bulls can maintain control of key price levels and generate sufficient momentum [3]. This scenario could materialize into a broader bullish breakout, provided that volume remains robust and overall market conditions remain favorable [3].

The technical setup currently favors bulls, especially with the $2.84 support level holding firm. This has led to speculation that Wave 3 is already in motion, setting the stage for a more significant upward move in the coming cycles [1].

[1] https://coinmarketcap.com/community/articles/68ad7fb04d4cc92881e167af/

[3] https://www.coinbase.com/en-in/price/xrp