XRP spent last week on a continuation of the previous week’s downtrend, slipping above $2.50 before recovering around $2.12 and now hovering around $2.30. The price action reflects a market struggling to find direction, caught between bullish optimism and prolonged sales pressure.
In spite of broader slowdown in its price action technical analysis shows that XRP is still showing a resistance structure on the charts which maintains its critical support levels. According to Egrag Crypto, a popular analyst known for his long-term technical views on XRP, the token could soon enter what will become the most explosive fifth wave yet.
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Elliott Wave XRP Analysis: ‘Strength 5’
Egrag Crypto’s latest technical analysis on the social media platform X points to the fact that XRP in the final stage its fourth impulse wave, which is a corrective wave based on the popular Elliott wave theory. It is significant that this movement is now preparing for the beginning of the fifth wave, which is a bullish impulse according to the same theory.
Looking at previous cycles on the 5-day candle time frame chart, especially during 2017 and 2021, it appears that similar setups preceded the huge upward spikes in XRP price. The analyst’s chart shows a repeating pattern structure of five waves, each representing major bullish impulses in the token’s history.
The chart also reflects a clear cyclical rhythm of XRP price movements over the years. Each major impulsive phase (waves 1, 3 and 5) was always followed by smaller corrective waves (2 and 4), a structure that continues to repeat itself with precision.
The overlapping cyan and pink bars, which represent the exponential moving averages, now indicate a consolidation of XRP within the strong support region around $2.20, indicating that the fourth impulse wave is coming to an end.
XRP Technical Analysis: Source @egragcrypto on X
The analyst says don’t fight it
According to Egrag Crypto measures, the ongoing consolidation could be the basis for a a similar move on double digit prices if the fifth wave unfolds as predicted.
The visual projection indicates potential Fibonacci extensions of 1.272, 1.414, 1.618 and 2.618 at $4,789, $5,515, $6,755 and $18,259 as possible long-term targets once the fifth wave takes hold. These levels may act as resistance points in the upcoming uptrend as they resemble the wave geometry that triggered XRP’s earlier 2017 and 2021 upswing.
Interestingly, the analyst also stated how skepticism often peaks sooner main assemblies. He reminded followers of a trader who lost $30 million on XRP during its last major uptrend in 2024. As such, the analyst concluded by urging traders not to “fight the fifth wave” but to “ride it.”
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At the time of writing, XRP was trading at $2.27, down 1.6% and 9.2% respectively over the past 24 hours and seven days.
Featured image from Unsplash, chart from TradingView
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