The 3-Part Impulse That Shows Where The XRP Price Is Headed Next

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. XRP bulls are trying to turn a brutal selloff into something biggerthan a relief bounce. An interesting setup shows a possible three-part impulse from the recent low around $1.05, but the entire setup still depends on whether buyers can forcethe price through the levels that broke during the crash. XRP’s Chart Is Trying To Build A Three-Part Impulse

An interesting technical analysis of the XRP price is centered on a possible three-leg recovery structure, with the cryptocurrency’s latest low around $1.07 acting as the starting point.From there, the projected path shows an impulsive move into the $1.94 region, a pullback into the $1.46 zone, and then a much larger advance into the upper resistance band between $2.39 and $3.11. Related Reading XRP Is Oversold On Every Time Frame, And This Could Be The Bullish Signal Everyone Is Waiting For 1 day ago

The interesting chart, which was shared on Xby RWA_Investor, shows a macro corrective sequence playing out from XRP’s highs above $3 since last year, a classic W-X-Y double zigzag that has consumed months of price history. The first leg, Wave W, completed a full ABC decline, bottoming at a major low labeled (C)/(W) on the chart in early February. Source: Chart from RWA_Investor on X

A linking wave X then produced a counter-rally that pushed the XRP price above $1.50 in the middle of Maywith an internal structure of its own (X)-(A)-(B) sequence before rolling over. That rollover initiated the final Y leg, which has now pushed the XRP price down to the $1.12 range again at the time of writing.  The Impulse Setup Back Above $3

Now that the (C)/(Y) wave is playing out at current lows around $1.12, the setup is an anticipated change fromcorrection to a bullish impulse wave.  Related Reading The XRP Dream Has Changed: Why A Rally To $10 Could Happen Despite Disappointment 2 days ago

The projected move is a three-wave ABC recovery that targets a destination box between $2.39 and $3.11. Wave A is expected to push toward the $2.12 level; however, this projection does not give XRP a free pass. There’s a support/resistance trendline around $1.46, which is going to be the first test, and there’s another possible rejection test around $2.12.

Wave B would then retrace back to around $1.46, but this shakeout should not be mistaken for bearishness. Wave C, the final and strongest leg of the sequence, is going to be characterized by a move into a target zone anywhere between $2.70 and $3.10.

A break above $3.10 would suggest that XRP has already found its macro bottom at $1.05. In that scenario, the three-part structure would begin to look like the beginning of a broader trend reversal into new all-time highs. 

If XRP fails below the upper band and loses momentum after the projected rebound, then it could eventually revisit the $0.75 to $1 range to complete a corrective macro wave 2. Interestingly, multiple analysts have identifiedthe $0.87 to $0.92 region as a potential bottom target for XRP under a corrective macro wave. XRP trading at $1.11 on the 1D chart | Source: XRPUSDT onTradingview.com Featured image from Freepik, chart from Tradingview.com