The $XRP may be on the verge of a significant rally, but only after what cryptocurrency analyst Quantum Ascent describes as a necessary and temporary correction. In a new video analysis published on May 28, the experienced trader warned that a decline towards the $2.13 level seems increasingly likely, but emphasized that such a move fits into a larger bullish Elliott Wave structure and would not invalidate the macro setup.
Quantum Ascent reminded that it had predicted $2.71, and the price reached $2.66, just five cents off. However, it notes that there seems to be an ongoing correction, with some inconsistencies in the wave count that warrant a deeper technical review. Still, the overall structure, especially on the weekly chart, remains intact.
When analyzing the 12-hour and daily periods, Quantum Ascent pointed to an ABC corrective pattern that is likely unfolding, with wave C projected to match wave A in length. This points to a drop target of $2.12–$2.13, aligning with the 0.5 Fibonacci retracement level and coinciding with the fourth wave of the previous movement, a strong support zone.
Quantum Ascent highlighted the comparative strength of the $XRP relative to the broader crypto market, noting that it recently set a higher high before most altcoins. The analyst, who revealed having bought XRP around $0.50 and sold a large portion above $3, stated that he remains optimistic long-term and keeps XRP as a core part of his portfolio.
For now, all attention remains on the $2.13 level. If the $XRP holds this zone and confirms support, Quantum Ascent believes that a new wave 4 rally could begin soon, taking the token above the $2.80 mark.
