- XRP confirmed a breakout from a five-month wedge, closing above $2.40 with strong volume and no rejection at resistance.
- The $1.40 level held as major support through three tests, fueling XRP’s rebound and a projected move toward $5.20.
- Short-term Elliott structure shows a completed ABC correction near $2.36, with upside targets now set at $2.58 and $3.333.
XRP has resumed its uptrend after retesting key support levels following a structured corrective phase. Recent price action signals the continuation of a broader bullish breakout above long-term resistance.
Breakout Confirms Wedge Completion on Daily Chart
XRP broke through a descending wedge that spanned from December 2023 to May 2025, ending a five-month consolidation. The move marked a technical breakout from $2.38, closing the May 15 daily candle at $2.41 with rising volume.
The pattern formed consistent lower highs and higher lows, tightening toward the wedge apex. The breakout candle showed strength, with no upper wick and clear positioning above the wedge line. Momentum indicators flipped positive as price reclaimed territory above both the 50-day and 100-day moving averages.
The first major analyst to weigh in on this move was CW, who analyzed the daily XRP/USDT chart. He noted a successful retest of the broken trendline, calling it a textbook bounce off long-term support. According to CW, the next technical resistance sits at $3.20, which previously rejected April’s advance.
Source: CW
CW has provided additional insights on price behavior between December 2023 and April 2025. He highlighted multiple failed breakouts in the $3.40 to $3.80 zone during that period. He explained that each attempt was met with supply pressure near the upper wedge boundary.
His latest analysis points to renewed strength as volume increases above prior levels. He also noted that the $1.40 level served as a major accumulation base, tested three times over three months. Based on the wedge’s height, CW projects a technical target of $5.20 from the breakout level.
Elliott Wave Structure Highlights Short-Term Correction
Dark Defender has presented a comparative analysis using the 4-hour chart to track shorter-term price behavior. He outlines a structured ABC correction following the May 14 peak at $2.655, marking the end of Wave (1).
Source: Dark Defender
Wave (A) reached $2.319 before a brief recovery created a lower high near $2.49 as Wave (B) formed. The final Wave (C) is now expected to complete near $2.36, a zone supported by Fibonacci retracement levels.
The analyst also pointed out that the $2.36 region aligns with the 50.0% retracement of the recent impulse wave. He expects XRP to rise toward $2.55 once Wave (2) concludes, initiating a new bullish leg. Short-term resistance targets remain $2.58 and $3.333, with support noted at $2.2222.
