XRP is trading near the apex of a tightening resistance and support zone on its two-week chart, with Elliott Wave analysis pointing to a potential bullish breakout. The cryptocurrency is currently in Wave 4 of a five-wave impulse pattern, according to analyst Dark Defender, and a move above immediate resistance could set off a rally that lasts through the end of May.
The Elliott Wave Count
Dark Defender's analysis places XRP in the fourth wave of a five-wave impulse structure. For the bullish count to stay intact, the token must hold above a key support zone between $1.36 and $1.31. If that floor holds, the next leg up — Wave 5 — becomes the expected move. The immediate hurdle sits at $1.47, marked by a descending orange trendline that has capped price action for weeks. A break above that line is the trigger for the next rally.
Fibonacci Targets for Wave 5
Should the breakout happen, Dark Defender's Fibonacci extension levels provide a set of potential targets for Wave 5. The first target is at $1.8818, representing the 161.80% extension. A stronger move could reach $3.5632 at the 361.80% level, and an extended rally might push to $8.7822 at the 644.40% extension. These levels are drawn from the prior wave structure and give traders a roadmap if the breakout gains momentum.
What Needs to Happen for a Breakout
The setup is straightforward: XRP needs to close above $1.47 on the two-week chart. Until then, the pattern is still in play but not confirmed. The support zone at $1.36 to $1.31 is equally critical — if it breaks, the bullish count would be invalidated. The analyst projects the move could run through the end of May if resistance gives way. No additional catalysts were cited in the analysis, leaving the technical pattern as the primary driver for near-term price action.
