XRP continued its upward trend after retesting key support levels following a structured correction phase. Recent price action signals the continuation of a broader bullish breakout at the long-term resistance threshold.
The Breakout Confirms the Completion of the Wedge on the Daily Chart
XRP broke out of a descending wedge that stretched from December 2023 to May 2025, ending a five-month consolidation phase. This move marks a technical breakout from $2.38, closing the daily candle on May 15 at $2.41 with increasing volume.
The pattern forms lower highs and higher lows, tightening towards the top of the wedge. The breakout candle shows strength, with no upper wick and clear positioning above the wedge line. Momentum indicators have turned positive as the price reclaims territory above both the 50-day and 100-day moving averages.
The first major analyst to consider this move is CW, who analyzed the daily XRP/USDT chart. He notes that the broken trendline has been successfully retested, calling it a textbook bounce from the long-term support level. According to CW, the next technical resistance level is at $3.20, which previously rejected the April increase.
CW provided further insights into price behavior from December 2023 to April 2025. He highlighted several unsuccessful breakout attempts in the $3.40 to $3.80 range during that period. He explained that each attempt faced supply pressure near the upper wedge boundary.
His latest analysis indicates new strength as the volume increases above previous levels. He also notes that the $1.40 level serves as the main accumulation base, having been tested three times in three months. Based on the height of the wedge, CW forecasts a technical target of $5.20 from the breakout.
Elliott Wave Structure Highlights Short-Term Correction
Dark Defender presented a comparative analysis using a 4-hour chart to track short-term price behavior. He outlines an ABC correction structure following the peak on May 14 at $2.655, marking the end of Wave (1).
Wave (A) reached $2.319 before a brief recovery created a lower high near $2.49 as Wave (B) formed. The final wave (C) is now expected to complete near $2.36, an area supported by Fibonacci retracement levels.
The analyst also points out that the $2.36 area corresponds to the 50.0% retracement level of the recent impulse wave. He expects XRP to rise to $2.55 after Wave (2) concludes, marking the start of a new bullish phase. The short-term resistance targets remain at $2.58 and $3.333, with support recorded at $2.2222.