XRP is holding near $2.27 while forming a wave pattern that predicts a strong move toward $8.08
Chart analysis shows wave five may begin soon as momentum builds and support zones remain stable
The visible volume profile shows strong demand near $1 which gives the wave pattern a clear foundation
Elliott Wave theory of XRP has entered a tight corrective phase, but a sharp rally to $8.08 is projected. The chart, published by analyst Michael_EW on July 8, shows XRP trading at $2.27 and forming a bullish wave structure. The next upward impulse wave is expected to complete the final leg of a larger five-wave cycle.
Source: X Chart Analysis Signals Continuation Toward Wave Five
The technical chart shows the fourth wave correction nearing completion, with support established near the $0.685 level. Fibonacci levels plotted on the chart indicate strong retracement zones at $1.231 and $0.967, aligning with prior consolidation points. These zones mark the base of wave four, from where the fifth wave is now expected to launch.
Wave one began near $0.30, eventually pushing to over $2.25 before correcting. Wave three extended higher and built momentum up to the $3 region before undergoing consolidation. The current structure shows a descending triangle, with five internal subwaves labeled within the larger wave four.
The target for the fifth wave sits at $8.08, roughly 255% above the current market price. A trendline connecting wave two and four’s lows supports the current pattern. The price action remains consistent with classic Elliott Wave theory, with overlapping wave formations confirming the model.
Market Volume and Support Clusters Provide Foundation
The visible range volume profile displays thick volume nodes between $0.68 and $1.00, forming a strong support cluster. These areas reflect prior accumulation zones, giving XRP a firm base to continue its projected move. A light red bar marks the low-volume node that may act as resistance during the next wave’s progression.
The daily chart from Bitstamp also shows a breakout attempt above the $2.25 mark. Volume remains stable, with short-term indicators showing neutral momentum. A bullish divergence on the stochastic RSI points to a potential upward reversal in the coming sessions.
Michael_EW’s chart was posted on social media and gained over 15K views, 140 likes, and 28 reposts within 24 hours. The post continues to draw attention from retail traders and chart watchers alike. Analysts are monitoring price reaction near $2.27 closely.
Technical Indicators Suggest Bullish Setup May Follow
The lower panel shows the stochastic RSI bouncing near oversold levels. Both RSI and MACD indicators have bottomed out, hinting at upward price movement. These technical signals, paired with wave structure and volume zones, reinforce the idea of a continuation rally.
XRP's price history shows similar setups before major breakouts, with corrections often leading to new multi-year highs. The fifth wave projection to $8.08 implies a breakout phase that could unfold in the second half of 2025. If confirmed, this move would mark one of the largest percentage gains since the 2021 cycle.
Traders are cautious but optimistic as XRP stays above critical retracement levels. The chart's symmetry and repeated wave formations make it a case study for Elliott Wave analysis. All elements—price, pattern, and structure—align with the potential for a continuation toward $8.