XRP has been on a downward trend since last week, dropping above $2.50 before rebounding around $2.12 and currently hovering around $2.30. Price trends reflect a market struggling to find direction, caught between bullish optimism and lingering selling pressure.
in spite of broader deceleration Technical analysis shows that in price fluctuations, XRP still shows a resilient structure on the chart. Maintains significant support levels. According to Egrag Crypto, a popular analyst known for his long-term technical outlook on XRP, the token could soon enter its fifth and most explosive wave to date.
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XRP Elliott Wave Analysis: “The Power of 5”
Egrag Crypto's Latest technical analysis X on Social Media Platforms at the final stage of The fourth impulse wave is a modified wave based on the popular Elliott wave theory. Notably, this move is now gearing up for the beginning of the fifth wave, a bullish impulse based on the same theory.
If we look at the past cycles of the 5-day candlestick timeframe chart, specifically 2017 and 2021, we find that there was a similar setup before the significant rise in XRP price. The analyst chart displays a repeating structure of five wave patterns, each representing a major bullish impulse in the token's history.
This chart also reflects the clear cyclical rhythm of XRP's price movement over the years. Each major impulsive phase (waves 1, 3, and 5) is always followed by a smaller adjustment wave (2 and 4), and this structure continues to repeat exactly.
The overlapping cyan and pink bands representing the exponential moving average indicate that XRP is holding firm within the strong support area around $2.20, indicating that the fourth shockwave is nearing its end.
XRP Technical Analysis: Source of X @egragcrypto
Analysts say there's no need to fight
According to Egrag Crypto standards, the ongoing integration is similar movement If the fifth wave unfolds as expected, prices will reach double digits.
The visual forecast shows potential Fibonacci extensions of $4.789, $5.515, $6.755, and $18.259 for 1.272, 1.414, 1.618, and 2.618 as long-term targets after the fifth wave takes hold. These levels resemble the shape of the waves that drove XRP's initial rallies in 2017 and 2021, so they could act as resistance points for an impending bullish phase.
Interestingly, the analyst also noted that: Skepticism often peaks before Major gatherings. He reminded his followers of the trader who lost $30 million shorting XRP during the last big uptrend in 2024. The analyst therefore concluded by urging traders to “ride it” rather than “fight the fifth wave.”
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At the time of writing, XRP is trading at $2.27, down 1.6% and 9.2% over the past 24 hours and 7 days, respectively.
Featured image from Unsplash, chart from TradingView
