XRP Set to Explode? Chart Pattern Hints at 69% Rally

Key Insights:

• XRP trades near $1.90, repeating a past pattern that sparked a 69% rally toward new highs.
• $2 remains a key resistance; a yearly close above it could unlock a multi-year price surge.
• Elliott Wave and Fibonacci analysis point to possible $27+ targets if breakout gains momentum.

XRP was priced at $1.90, showing steady movement with a 2.39% rise in the past 24 hours and a 1.61% gain over the last week. Traders have taken interest in the current chart because it reflects a setup seen before a strong move in 2024.

At that time, XRP dipped below the green Supertrend indicator for several weeks. The drop turned out to be short-lived. Buyers stepped in, and the price climbed 69% before entering a multi-week consolidation. After that, the market pushed higher into a breakout.

The present structure looks nearly the same. XRP has once again slipped under the Supertrend and is holding sideways. Traders are watching the $1.88 to $1.92 zone, as a move back above this area could suggest trend reversal. Some believe that if the setup repeats, XRP may be preparing for another leg up.

$2 Remains a Barrier That XRP Has Yet to Break

The $2 mark has played a major role in XRP’s long-term chart. Since 2017, every major rally has paused or reversed near this level. Price has tested it multiple times but never managed to close above it on a yearly candle.

The current yearly candle shows XRP pressing against this resistance again. The more time it spends under $2 without breaking down, the more attention it draws. A strong close above this area could show that supply pressure has faded.

A breakout above $2 could shift the market outlook. One chart projects a possible 1,769% move from this level, based on historical price expansion and long-term structure. While the move is not confirmed, it gives traders a key area to monitor.

Technical Structure Points Toward Higher Levels

XRP’s broader trend was being mapped using Elliott Wave theory. Based on this model, XRP may be finishing a large corrective move, known as Wave 2. Price has retraced about 88.7%, which matches a typical Wave 2 pattern.

If the next impulse wave begins, called Wave 3, it often brings strong price growth. Fibonacci extensions suggest targets between $5.59 and $7.18 for this wave. Further out, Wave 5 shows price levels reaching $19.31, $22.89, and $28.67. These estimates match previous projections that have called for a $27 long-term target.

Key Areas to Watch in the Coming Weeks

Market focus was centered on two zones. The first is the Supertrend level near $1.90. A solid push above this range could be the first signal of buyer control. The second is the $2 resistance. This level has capped XRP’s growth for years.

Some traders are cautious despite the bullish structure. One user noted, 

Others are waiting for price to hold above resistance with strong volume before entering new positions.

At press time, XRP was holding firm above support, trading in a pattern that has led to rallies in the past. The next move will depend on how the market reacts near these key levels.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.