XRP confirms a major trend shift after breaking 6-month resistance, initiating a bullish Elliott Wave structure with strong momentum.
Wave (3) of XRP targets $5.85, with Fibonacci extensions indicating long-term price goals of $36.76, $66.96, and $77.70 into 2028.
XRP’s breakout from a 7-year triangle signals strong market reversal, with solid support at $2.22 and $1.88 reinforcing bullish sentiment.
As per analyst Dark Defender, XRP has officially broken its 6-month resistance, confirming a major trend shift and strengthening the bullish outlook. The breakout occurred slightly later than forecasted but aligns with the start of a projected five-wave Elliott structure. Consequently, this breakout marks the end of XRP's long consolidation phase, which persisted for nearly seven years.
XRP surged past $2.34, demonstrating momentum and validating the bullish pattern forming on higher timeframes. Moreover, the price has exceeded the 161.8% Fibonacci extension level at $1.88, pointing toward a clear expansion phase. The market now eyes key resistances at $5.85 and $18.22, with long-term targets extending to $66.96 and $77.70.
Elliott Wave Structure in Play
Besides the strong breakout, XRP’s price action fits into a classic Elliott Wave formation. The first wave peaked just after the breakout, followed by a corrective second wave that retraced near support. Significantly, wave (2) tested the $0.39 zone, which aligns with the 23.6% Fibonacci retracement. This support held firm, setting the stage for wave (3), currently in progress.
Source: Dark Defender
Moreover, Fibonacci extensions confirm the projected targets. The 261.8% level aligns with $5.85, suggesting a likely top for wave (3). A minor correction, or wave (4), is expected to form around this level. Following that, wave (5) aims for the $36.76 and $66.96 zones, which correspond to the 423.6% and 476.4% Fibonacci levels.
Long-Term Bullish Momentum Strengthens
Additionally, XRP’s breakout occurred within a symmetrical triangle, formed by years of compressing price action. The triangle’s base began in 2015, and the upper resistance connects the 2017 high with lower highs that followed. Hence, breaking above this triangle is a major bullish signal. Previous resistance has flipped into new support, confirming this shift.
Candlesticks post-2023 show increasing green volume, reflecting rising buying pressure. Furthermore, strong momentum and expanding volume indicate sustained upward movement. Support levels now sit near $2.2222 and $1.8815, offering solid ground for future price action.
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