Key Takeaways
- The XRP price bounced at the long-term support of $1.60.
- XRP also broke out from a descending resistance trend line.
- Can XRP sustain its breakout and move to its all-time high?
XRP is making headlines in May, not just for its price action, but also for a string of bullish developments.
The token recently broke through a key long-term resistance level, flipping it into support.
Meanwhile, Ripple announced the expansion of its payments system in the UAE, and Volatility Shares launched two XRP-focused ETFs that are now trading on Robinhood.
But is this momentum enough to propel XRP toward $3, or is a cooldown on the horizon? Let’s take a closer look.
XRP Price Bounces
XRP’s weekly chart shows a decisive rebound from the $1.70 horizontal support zone, forming a long lower wick (green icon) and a bullish candlestick in the process.
This bounce was crucial, as it validated the $1.60–$1.70 area as support, a level that had acted as resistance since 2021.
Following the bounce, XRP also broke out of a descending resistance trend line stretching back to its cycle high, strengthening the case that the correction may be over and a new upward trend is beginning.
Technical indicators also show bullish signs. The Relative Strength Index (RSI) bounced at 50, and the Moving Average Convergence/Divergence (MACD) is close to making a bullish cross.
So, the weekly time frame analysis leans bullish, suggesting that new highs are likely.
New XRP Highs Likely
The daily time frame wave count aligns with the optimistic long-term XRP prediction, suggesting that a breakout is imminent.
According to the count, XRP is in sub-wave three (black) of wave three (green) in a five-wave increase.
This is often the most rapid portion of the upward movement, where the rally becomes parabolic.
The wave count shows an extremely bullish formation with a $2.32 support level retest.
If the count is accurate, the XRP price will reach a new cycle high in wave three.
Then, wave five could end at the 1.61 external Fibonacci retracement of $4.47.
Bullish Trend Ahead
The XRP price analysis shows bullish signs in the long- and short-term.
After bouncing at a long-term horizontal support area, XRP created a bullish impulse.
The wave count suggests XRP will begin the most rapid portion of its upward movement soon.
A new cycle and all-time highs are likely in 2025.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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