- Analysts believe that a bullish pennant is emerging along a large supply region.
- According to the Elliot Wave Theory, XRP is entering into the fifth wave, where it will reach $2.26-$2.32.
- In case XRP remains above $2.14 and overcomes resistance, it is possible that it will rise to the level of $5.
Analysts are becoming more confident that XRP will trend bullish due to technical indicators and regulatory clarity. In a post by Rose Premium Signals, the cryptocurrency formed a bullish pennant at a major multi-year supply range.
This pattern usually signals a breakout in the main trend direction, suggesting a possible strong price surge for the Ripple-associated digital asset. It may experience a significant bounce due to this structure forming at such a critical price consolidation zone.
Source: X
Also Read | XRP Poised for Explosive Surge Toward $2.65 Amid Bullish Signals
The analyst stated that the price is set for a breakoutbased on its behavior in the consolidation range. They added that, despite the delay, the legal battle between Ripple and the SEC has officially ended.
This resolution could be the key factor in restoring investor confidence and fueling the crypto asset’s upward momentum. On the chart, modest price targets were placed at $2.4558 and $2.6549, with hopes of reaching as high as $5.
Elliott Wave Theory Suggests XRP Fifth Wave May Be Underway
Meanwhile, a separate analysis from More Crypto Online added more strength to the current bullish case. Using Elliott Wave Theory, the analyst said XRP is starting a fifth wave, often the most explosive upward move.
Source: X
They marked the next ideal short-term target between $2.26 and $2.32, assuming XRP stays above the $2.14 level. Fibonacci retracement levels support this view, with strong support areas identified at $2.14 and $2.1566.
The cryptocurrency is currently trading near $2.19, showing it still holds a strong position to rise if structure remains intact.
XRP Breakout Likely If $2.14 Support Holds Steady
Both analysts agree sentiment around XRP has turned positive, with indicators and market structure pointing to a likely breakout. Traders are closely monitoring the $2.14 support level, which must hold to keep the bullish momentum intact.
If this crypto asset breaks resistance between $2.26 and $2.65, the path to the $5 target may become more realistic. With regulatory issues resolved, investor confidence is rising, making the coin’s setup one of the most closely watched in crypto.
Also Read | XRP Price Analysis: Strong Technical Setup Targets $3 and Beyond
