XRP’s recent market activity over the past day has shown a notable reversal trend as it retraced to key support at $2.30. Yet, on higher timeframes, XRP demonstrates resilient strength, particularly when viewed through the lens of advanced technical analysis suggesting potential for a significant breakout towards $75.
Long-Term Resistance Levels and XRP’s Upsurge
The insights into XRP’s potential growth are rooted in extensive technical evaluations, including the application of Elliott Wave Theory and Fibonacci projections performed by leading crypto analysts. As noted in the latest updates shared on X, XRP is surging past a long-standing downtrend resistance that has been pivotal since 2018.
This resistant barrier, termed as the Ultimate Resistance, has been repeatedly tested before showing signs of a decisive breakout during the latter half of 2024. The breakout coincided with a powerful bullish candlestick formation, paving the way for what analysts believe is the start of a substantial Elliott Wave 3.
This surge aligns with what experts characterize as Wave (3) in the Elliott deal, suggesting that XRP has concluded its previous phases (1) and (2) from 2022 to the mid-2024 period, effectively setting the stage for an impending, more robust upward movement. The third wave in this model typically exhibits substantial strength in momentum, with some projections indicating a potential rise to double digits.
Through analysis of the 361.80% Fibonacci retracement level, forecasts predict that the third wave could propel XRP towards a target near $18.50. While this growth is expected, there might be a temporary retracement during Wave (4), which could act as a pause before another significant price surge.
Fibonacci Predictions: The Future Looks Bright
Beyond Wave (3), the forecast extends even further. Analysts, including Dark Defender, anticipate a peak in Wave 5 nestled within the range of $67 and $78, influenced by the 476% Fibonacci extension levels.
The current trajectory illustrated suggests this five-wave cycle may complete somewhere between 2027 and 2028. Should XRP adhere to these technical indicators, it stands to witness a potentially historic period of explosive growth.
While these predictions are captivating, it’s crucial to recognize that bullish trends can experience sub-waves and corrections along the way. Support checkpoints, particularly at $2.25 and $1.90, are essential for maintaining the bullish outlook, especially considering the current market dynamics.
As of this analysis, XRP’s price is hovering around $2.30, demonstrating a minor decline of 2% over the last day.
