XRP Market Analysis: Initial Signals of the Bottom, Ready for Breakthrough?
On May 12, the XRP market exhibited a narrow fluctuation pattern, with a slight drop of about 1% during the day, currently reported around $2.35. Notably, several technical analysts pointed out that this asset has shown key technical reversal signals — its Relative Strength Index (RSI) formed a bullish divergence pattern, successfully breaking through the previous high resistance line. Renowned analyst Josh emphasized on the Crypto World channel: "This could be a sign of the end of a two-month adjustment cycle, especially if Bitcoin can hold the key level of $63,000, which may drive XRP to start a corrective rally."
Key Price Analysis:
• Upper Resistance: The range of $2.45-$2.46 forms a short-term dividing line between bulls and bears; this position is not only the upper track of the descending channel but also a strong resistance area that was tested multiple times in April without success. If it can break through with volume, it may subsequently test the previous high of $2.56.
• Lower Support: The area of $2.30-$2.33 has dense buying interest, with stronger defense located in the range of $2.15-$2.20, which gathers dual technical support from the 200-day moving average and the Fibonacci 38.2% retracement level.
Wave Theory Perspective:
From a monthly chart perspective, XRP's symmetrical triangle consolidation formed since the historical high in 2018 has entered its final phase. Referring to the explosive pattern of the fifth wave during the bull market in 2017, it is currently likely in the initiation phase of a new main upward wave. In the short term, the five-wave structure that started from the April low has reached a critical position; if it can hold the neckline at $2.45 this week, it is expected to challenge the mid-term target of $2.68. However, caution is warranted as losing the support at $2.25 may trigger a deep pullback to around $2.10.
Market sentiment shows that although the overall crypto market has warmed up recently, the XRP funding rate remains neutral, showing no signs of excessive leverage. This "calm period" often lays the foundation for a subsequent healthy rise. As seasoned trader Wang Lei said: "XRP is like a compressed spring; while market attention is focused on Ethereum ETF expectations, this sleeping giant may be accumulating breakthrough energy."
As the market continues to change, we must closely monitor market signals and seize new entry opportunities. Like + comment + follow, let’s navigate the bull market together and capture this big opportunity!
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