XRP’s price action in the past 24 hours has been highlighted by a retracement towards support at $2.28 that has appeared in recent days. However, the XRP price action looks strong on the higher timeframes, particularly the six-month chart, where technical analysis indicates that a much larger breakout towards $74 may be in its early stages.
XRP Price Still Climbing Above Long-Term Resistance Structure
This interesting outlook is based on a long-term analysis of Elliott impulse waves and Fibonacci extension levels by crypto analyst Dark Defender. According to the latest chart update shared by the analyst on social media platform X, which is based on the 6-month candlestick timeframe, XRP is currently extending its run above a multi-year downtrend resistance that had capped its movement since early 2018.
This resistance, described as the Ultimate Resistance, was tested multiple times over the years before being decisively breached on the six-month candle. The breakout, which resulted from a strong bullish candle in the second half of 2024, aligns with the start of a massive Elliott Wave 3.
This breakout coincides with the beginning of what Dark Defender identifies as Wave (3) in the Elliott impulse wave sequence. The chart suggests that XRP completed its initial Waves (1) and (2) from 2022 through the mid-point of 2024, setting the stage for the much larger and more explosive third wave, which has been unfolding since then. The third wave in the Elliott Wave theory tends to be the strongest regarding momentum and price increase, with the analyst projecting a push to double digits by its end.
According to the 361.80% Fibonacci level drawn from the base of the prior waves, the third wave is expected to push XRP to a target of approximately $18.22. Once this target is hit, a corrective Wave (4) may briefly slow the pace before the final impulsive move to new highs.
Fibonacci Forecast: The Altcoin Could Explode
Looking beyond Wave (3), the forecast for XRP becomes even more ambitious. Dark Defender’s projection shows a fifth wave climaxing between $66.96 and $77.70, based on the 476% Fibonacci extension.
The timeline implied by the candle structure and wave count stretches toward 2027–2028 for the full completion of this five-wave cycle. If XRP continues to follow this technical roadmap, the cryptocurrency could go through the most explosive growth phase in its history.
Since this is a long-term analysis, it is important to note that even the bullish impulse waves will be filled with sub-impulse waves with notable corrections as they play out. On the other hand, the analyst highlighted support levels at $2.2222 and $1.8815 that must hold for the bullish trajectory to continue based on the current price action.
At the time of writing, XRP is trading at $2.30, down by 2% in the past 24 hours.
Featured image from Getty Images, chart from Tradingview.com
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