Artem Voloskovets
After an extended period of consolidation and downward pressure, XRP may finally be approaching a significant turning point. The cryptocurrency has shown fresh signs of life as it bounces from key support levels, leading some analysts to believe the correction might be over and a new bullish phase could be starting.
Bulls Return as Correction Nears Completion
XRP's recent price action has caught the attention of traders who follow Elliott Wave theory. Crypto analyst DustyBC Crypto notes that the token appears to have reached the final stage of its corrective pattern, known as wave E. "We're seeing green candles again — this is where the bulls get back into the fight," he observed, suggesting XRP might be gearing up for its next major move higher.
The 8-hour chart shows a detailed corrective structure with five distinct waves (A through E) playing out within a descending channel. Each wave has followed the expected pattern, and the recent bounce from support hints that the correction may have run its course.
Technical Setup Points to Reversal
The correction started after wave III, which marked XRP's last significant peak. From there, the price traced out waves A, B, C, and D, all contained within parallel channel lines. The current action near wave E suggests this could be the endpoint of the corrective cycle.
The lower boundary of the channel, roughly between $2.10 and $2.40, has provided solid support. XRP briefly dropped below this zone during what traders call a "liquidation wick" — a sharp but short-lived plunge that often signals panic selling has been exhausted. The quick recovery from this dip is typically seen as a bullish reversal signal.
Above current prices, the 200-period moving average sits around $2.80 to $3.00 and represents an important resistance zone. Getting above this level would confirm that buyers have regained control. The chart also identifies $3.18 to $3.20 as a "safer buy confirmation" area for traders wanting more certainty before entering. A clean break above that range would likely spark strong follow-through buying, potentially pushing prices toward $3.50 to $3.70.
Artem Voloskovets
