Tech

Is Ripple’s (XRP) Next Stop a New ATH? Wave 5 Suggests More Upside

4 hours ago
Bitcoin Ethereum News

XRP trades near $2.85 as analysts track Wave 5, a cup and handle, and 2017-style patterns with targets up to $8.

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Ripple’s XRP is trading above $2.90 as analysts track technical patterns that could set the stage for the token’s next move. Daily trading volume stands at around $5 billion.

While XRP is slightly down over the past day and week, chart watchers see signs that the price could push higher if momentum holds.

Elliott Wave Structure Points Higher

Analyst Dark Defender shared a weekly chart showing XRP has completed its fourth Elliott Wave and is now moving into the fifth. Targets are set at $3.33 and $3.66, with support resting at $2.70 and $2.64.

The analysis also includes Fibonacci projections of $4.17 and $5.85 for longer-term moves. Dark Defender noted, “This wave can still extend into double digits,” while acknowledging current bearish sentiment and wider market uncertainty. Despite that, XRP recently closed a weekly candle above the 50% retracement level, reinforcing its support range.

Cup and Handle Formation in Play

CryptoBull pointed out a cup and handle in the works on the weekly time frame for XRP. The rounded base was initiated toward the end of 2024, with resistance forming near $3 sometime earlier this year. The sideways action from August onward seems to be forming the handle itself.

The price remains above the 200-day moving average, which has served as a key support line. CryptoBull stated, “Next stop $8,” if the handle resolves upward with strong buying. The setup requires XRP to break past the neckline near $3 to confirm the bullish structure.

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Echoes of 2017 Bull Run

Another analyst, CRYPTOWZRD, compared XRP’s current action to its 2017 bull run. At that time, extended consolidation led to a parabolic rally into new highs. The recent pattern of boxed consolidations and breakouts resembles that cycle.

XRP is currently close to $3.00. The chart highlights $3.65 as the level to watch. A breakout and weekly close above that mark could lead to $4.50 or higher. “It’s a question of when, not if,” CRYPTOWZRD remarked, referring to the possibility of XRP entering price discovery.

XRP price chart
Source: CRYPTOWZRD/X

Additionally, Market Prophit reported that overall sentiment for XRP is bullish across both crowd data and its own measures. Meanwhile, reports noted a lack of corporate buy orders despite rising reserves, showing that institutional participation may still be limited.

XRP is currently trading above the support levels, and analysts are viewing $3.33, $3.66, and $3.65 as the significant break points next in line. Traders are waiting to see if the ongoing structure can confirm a sustained upward movement.

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Source: https://cryptopotato.com/is-ripples-xrp-next-stop-a-new-ath-wave-5-suggests-more-upside/