- The weekly chart shows that the structure of the impulse is bullish with targets of 4.17 and 5.85, which coincides with the 261.8% Fibonacci extension.
- Wave (2) of XRP looks finished and is trading above the 2.64 support, indicating a possible further trade to higher Fibonacci extension levels.
- The major resistance appears at $3.00 and $3.66, which proves important in establishing momentum, which is backed by the moving Ichimoku Cloud support above 2.64.
XRP has shown a bullish setup on the weekly chart, with momentum building toward possible higher price targets. Technical patterns indicate that a larger impulsive wave may be underway, supporting potential gains. Traders are closely monitoring key support and resistance levels.
Elliott Wave Analysis Suggests Wave (3) Momentum
The weekly XRP/USD chart shows a potential Wave (3) of a larger impulsive cycle. Wave (1) reached around $3.66 before correcting through an ABCDE triangle. The correction found support near $2.645, aligning with the 50% Fibonacci retracement.
Wave (2) appears complete, and current trading around $2.87 positions XRP above the Ichimoku Cloud. The cloud acts as a dynamic support, reinforcing the bullish structure. Elliott Wave theory suggests extended Wave (3) moves often reach the 261.8% Fibonacci extension.
The approximate extension levels of impulsive cycles are targets of this potential Wave (3) of approximately $4.17 and $5.85. To keep the bullish setup, it is important to maintain the support above 2.645.
Market Structure and Support Levels
XRP’s market structure has shifted from consolidation to bullish impulse, with internal ABC corrections aligning with the Elliott Wave count. Weekly candles closed near higher ranges, indicating a possible trend continuation.
Price floors are based on the support levels of about $2.70 and 2.64. A break below $2.645 would re-focus on 2.22 which is the 23.6% Fibonacci retracement rate. These levels are critical for traders assessing risk.
Dark Defender noted on X that “4th Wave is complete. 5th Wave is in progress,” suggesting potential extension into double digits. The comment reflects ongoing market momentum despite bearish sentiment.
Key Levels and Potential Targets
Short-term levels of resistance to observe are $3.00 and $3.66. Bullish continuation could be supported by a weekly close above them and could draw in more volume. Traders often watch these breakout levels for potential entry points.
XRP’s price movement above the Ichimoku Cloud supports the notion of dynamic support. This indicates a trend shift from consolidation to a potential upward trajectory over the coming months.
Technical analysis points to higher Fibonacci extension targets of $4.17 and $5.85. Maintaining support levels and monitoring volume near resistance will help traders identify confirmation signals.
