XRP broke a three-month downtrend with a clean move above $2.36, ending a pattern of lower highs since February.
Strong breakout volume and firm support at $1.79 confirm a bullish structure now forming above long-term resistance.
Elliott Wave count shows Wave 5 targeting $5.86, with RSI momentum nearing a bullish crossover from the $2.10 zone.
XRP surged past a long-standing descending trendline this week, confirming a major structural breakout. With the price hovering near $2.36, traders now watch for a confirmed uptrend fueled by Wave 5 momentum.
Trendline Break Confirms New Bullish Structure
A three-month downtrend ended as XRP broke above the descending resistance that capped price action since February. This shift in structure prompted renewed bullish sentiment, supported by volume and price confirmation near key levels. XRP now trades within a new price range after closing above multi-month resistance.
Source: JackTheRipple
Market analyst Jack The Rippler provided a detailed technical analysis of XRP’s May 9 breakout. Given the chart’s layout, he observes a descending trendline connecting February’s $3.50 high to recent April peaks. Interpreting the recent candlestick formation, he explains that May 9 closed decisively above that trendline. Zooming into this move, he breaks down the surge to $2.36672, marking a clean break from the downtrend.
On the basis of this pullback, he outlines the $1.79212 support as structurally critical. That base held during multiple retests throughout March and April. The price then formed higher lows before pushing above prior resistances near $2.20–$2.35.
Volume for the breakout day spiked to 204.29K, confirming market commitment. No immediate resistance lies between $2.36 and the upper zone at $2.80–$3.00. Jack views this confirmation as an end to the low-high sequence from February.
Wave 5 Structure Signals New Targets
This section expands on the breakout by tracking XRP’s Elliott Wave count and projecting new Fibonacci targets. A second analyst, Dark Defender, breaks down the weekly chart using a five-wave Elliott pattern and confirms that Wave 5 is active.
Source: Dark Defender
Building on that pattern, he evaluated the progression from a $0.50 base in August to $2.30 in October. Wave (2) dropped to $1.40, followed by a strong Wave (3) rally near $3.70. He marks the current $2.10 price zone as the expected Wave (4) bottom.The projected final impulse, Wave (5), targets $5.86 using a 261.80% Fibonacci extension. RSI momentum aligns with the start of prior uptrends and is nearing bullish crossover levels. Dark Defender confirms that Wave 5 will play out in five smaller waves, with structural support holding firm near $2.07. This chart setup suggests XRP’s next key resistance may not appear until prices approach the $5–$6 range.
