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The XRP price may be on the verge of a significant breakout, according to a new wave count analysis combining the Elliott Wave Theoryand the Wyckoff reaccumulation principles. After months of sideways trading and corrective movement, analysts have pinpointed a critical price level that could serve as a trigger point for XRP’s next leg higher. XRP Price Primed For Major Lift-Off From This Level
A new analysis publishedby crypto analyst the ‘Charting Prodigy’ on X (formerly Twitter) suggests that the XRP price is following a clear Elliott Wave structurethat began forming after the April lows this year. The price has completed Wave 1 of a new impulse cycle, followed by a WXY corrective Wave 2. Related Reading XRP Price Risks Crash Below $2 As Correction Takes Hold, Here’s Why 2 days ago
Recent price action also indicates that XRP is now entering sub-wave 3 of Macro Wave 5, which is typically the most powerful and extended wave in the cycle. The standout detail of Charting Prodigy’s analysis is the identified trigger level at $2.56.
According to the expert’s analysis, a confirmed breakout above this critical trigger point could signal the start of a rapid markup phase, potentially propelling XRP toward the $2.9 to $3.4 range. The significance of this bullish target is supported by not only the Elliott Wave analysis but also the Wyckoff reaccumulation, Fibonacci extension targets, and the emergence of a bullish divergenceforming on the Moving Average Convergence Divergence (MACD). Source: Charting Prodigy on X
Notably, the analyst points to a classic Wyckoff accumulation structuretaking shape on the XRP price chart. He identified key phases such as Preliminary Support (PSY), Automatic Rally (AR), and Secondary Test (ST). The structure also included a “spring” phase and, most recently, a Last Point of Support (LPS).
The emergence of these Wyckoff elements suggests that XRP has completed its reaccumulation and has entered the aforementioned markup phase, where price tends to go parabolic. The combination of these technical indicators and chart patterns also indicates that $2.65 is the level to watch as XRP makes its way up to price levels close to its former ATH. XRP Set For Double-Digit Target In 2 Weeks
According to a new chart analysisby crypto analyst Egrag Crypto, XRP may be on the verge of a historic breakout. Presenting a 2-week price chart, the analyst highlights a macro bullish formation that could push XRP into double-digit territory—targeting $10, $18, $27, and even a whopping $55 in the months ahead. Related Reading Wave Count Analysis Reveals The XRP Price Trigger Point For Take-Off 55 minutes ago
Egrag Crypto’s chart draws attention to a long-standing macro ascending channel that XRP has respected since 2016. Past breakouts from similar setups have historically delivered exponential gains for the cryptocurrency.
The key trigger, according to the analysis, is a decisive move above the 21-week timeframe. This same signal preceded XRP’s explosive rally in 2017when it surged from under 1 cent to an all-time high of $3.84. Notably, the analysis emphasizes the importance of remaining within this macro ascending channel, indicating that as long as the lower trendline holds and the 21 EMAis breached, XRP’s bullish case remains intact. XRP trading at $2.14 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Getty Images, chart from Tradingview.com