Is XRP really about to bounce back? Will it break the previous high this time?

Recently, the price movement of XRP has made many seasoned investors in the crypto space eager to take action, and many analysts are closely monitoring its trend.

Why? Because from the graphical structure and technical perspective, it really seems like it is about to bounce!

What’s the current market situation?

Since hitting the bottom on April 7, XRP has been slowly recovering. Although it hasn’t surged immediately, the bottom is becoming more stable. It is now firmly standing above the key support level of $2.05 to $2.10. This position is crucial, like laying a foundation; only when it stands firm can it have a chance to push upwards.

Looking upwards, it is stuck in the “strong resistance” range of $2.35 to $2.36. If it can strongly break through here, the next stop could directly see $2.44 or even $2.60!

Is the shape good? Is it a W bottom?

From a technical chart perspective, it looks a bit like forming a “W-shaped double bottom,” like a power-up action. As long as it can break through the top of the “W,” which is the $2.35 position, it is very likely to enter into a rising trend.

How to interpret the Elliott Wave structure?

In simple terms, XRP has been in a correction since January, and after the correction, it has begun a wave of “five waves up” + “three waves correction” since April 7. This type of movement in wave theory is a signal that it is likely to rise.

The current support points are approximately at: $2.22, $2.15, and $2.11. If it cannot hold above $2.11, be careful; it may drop to around $1.95 to look for the next opportunity.

In summary:

XRP is now like an athlete ready to jump high; if it can break through $2.35, it may soar; but if it cannot hold, it may have to lie down again. However, this type of correction could be the last opportunity before a big surge.

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