XRP Must Break $2.30 to Ignite Rally Toward $3

XRP continues to draw attention as it navigates another turbulent phase in the crypto market, with analysts zeroing in on a key short-term resistance level that could shape its next major move.

While Bitcoin enjoyed notable gains in May, XRP wasn’t among the biggest beneficiaries. In fact, the coin has recently mirrored Bitcoin’s correction, losing momentum and inching downward. Over the weekend, XRP edged near the psychologically significant $2 threshold, dropping to $2.0855. Although it has since recovered slightly to around $2.15, that still equates to a 8% loss over the past week.

Market strategist EGRAG has weighed in with a technical update, emphasizing a critical level that XRP must surpass to rejuvenate bullish sentiment. He points to $2.30 as a key resistance level that could trigger a significant upward surge if decisively breached.

The $2.30 Level: XRP’s Bullish Trigger

EGRAG highlights that a close above $2.30 on the 3-day chart, accompanied by XRP moving above its 21-day Exponential Moving Average (EMA), would confirm a double bottom pattern. This technical setup is a common reversal formation that often signals the end of a downtrend.

Should XRP achieve this breakout, EGRAG notes that it could unlock higher price targets at $2.50, $2.65, and ultimately the psychological $3.00 level. These targets align with previous resistance zones and correspond with Fibonacci extension levels identified in XRP’s long-term price structure.

Currently trading at about $2.15, XRP requires only a 7% gain to reclaim the $2.30 mark. However, the prevailing bearish sentiment across the market makes even this relatively modest increase a potential hurdle.

Support at $2.07 Critical for Bulls

Despite the recent downtrend, XRP has managed to defend a significant support level at $2.07. According to EGRAG, maintaining that support is crucial for preserving the integrity of the bullish setup. On the 3-day chart, $2.07 acts as the base of the double bottom formation, serving as the launchpad for any potential bullish continuation.

This level has held firm during broader market weakness, offering some confidence that XRP bulls may be ready to defend key technical levels as they wait for momentum to return.

Wave Analysis Suggests 1,200% Upside Potential

A broader Elliott Wave analysis presented by EGRAG paints an extremely optimistic picture. According to his chart, XRP appears to have completed its Phase 2 correction and is potentially primed to enter an impulse Phase 3 — historically the most aggressive and lucrative in wave structures.

This correction phase followed XRP’s January high of $3.40, during which it retreated to around $1.60 before finding support and rebounding above $2. Although its pace has slowed recently, many are wondering when XRP will regain the parabolic trajectory it experienced in late 2024.

Under this Elliott Wave framework, EGRAG calculates a potential 1,200% rally, projecting that XRP could skyrocket to an astounding $25 if the pattern holds.

Adding to the bullish chorus, analyst XForceGlobal has offered an even more optimistic take. Using a similar wave structure, he forecast a long-term target of $40 for XRP, while stating that a short-term move to $10 would be a “conservative” estimate.

Related: Expert Advice: Sell XRP If You’re Confused

Despite a short-term pullback and general market weakness, XRP’s technical landscape remains peppered with bullish indicators. With critical support at $2.07 and the $2.30 resistance as a potential launchpad, market watchers are intently monitoring whether XRP can muster the strength to shift the narrative and begin its next significant rally.