XRP Price: Three-Part Impulse Signals Next Move

XRP Bulls Eye Larger Recovery Beyond Mere Bounce

XRP bulls are attempting to transform a sharp selloff into a significant recovery, with technical analysis suggesting a potential three-part impulse wave from recent lows. However, the success of this scenario hinges on buyers’ ability to push the price past key resistance levels that crumbled during the recent downturn.

XRP Chart Suggests Three-Part Impulse Formation

A notable technical outlook for XRP’s price centers on a potential three-leg recovery structure, originating from the cryptocurrency’s most recent low near $1.07. This projection outlines an initial impulsive move towards the $1.94 mark, followed by a pullback to the $1.46 zone, and subsequently a more substantial advance into the upper resistance band between $2.39 and $3.11.

This intriguing chart pattern, shared on X by RWA_Investor, illustrates a broader corrective sequence unfolding since XRP’s peaks above $3 last year. This pattern is characterized as a classic W-X-Y double zigzag, which has spanned several months of price action. The initial leg, Wave W, concluded a full ABC decline, finding a significant bottom labeled (C)/(W) on the chart in early February. A linking wave, X, then spurred a counter-rally that propelled XRP above $1.50 in mid-May, exhibiting its own internal (X)-(A)-(B) sequence before reversing. This reversal initiated the final Y leg, which has since driven XRP’s price back to the $1.12 range as of this report.

Impulse Setup Targets Return Above $3

With the (C)/(Y) wave currently playing out at lows around $1.12, the prevailing technical setup anticipates a shift from correction to a bullish impulse wave. The projected move involves a three-wave ABC recovery, targeting a price zone between $2.39 and $3.11.

Wave A is expected to aim for the $2.12 level. However, this projection is not without its challenges. XRP faces immediate resistance from a support/resistance trendline around $1.46, which will serve as the initial test. A further potential rejection point is anticipated around $2.12. Wave B would then see a retracement back to approximately $1.46, but this pullback should not be interpreted as a bearish signal. Wave C, the final and most potent leg of this sequence, is projected to drive the price into a target zone ranging from $2.70 to $3.10.

A decisive break above $3.10 would suggest that XRP has established its macro bottom at $1.05. In such a scenario, the three-part structure would begin to resemble the nascent stages of a broader trend reversal, potentially leading to new all-time highs. Conversely, if XRP falters below the upper band and loses momentum following the anticipated rebound, it could eventually revisit the $0.75 to $1 range to complete a corrective macro wave 2. Notably, several analysts have identified the $0.87 to $0.92 region as a potential bottom target for XRP under a corrective macro wave scenario.