XRP News: XRP Signals Potential Bottom, Can a Wave-5 Breakout Push Price to $2.80?

XRP is holding firm at a critical support level after an 18% monthly decline, with analysts now tracking a potential Elliott Wave reversal that could mark the end of its corrective cycle. A decisive close above $2.22 would confirm a bullish trend shift, while losing $2.17 risks unlocking deeper downside targets.XRP Defends the $2.17 Level After Heavy SellingXRP stabilized on Tuesday after a month of persistent selling pressure. Market sentiment deteriorated earlier in the week, but buyers stepped in as price retested long-standing trend support at $2.17.The most notable movement occurred at 15:00 UTC, when trading volume surged to 202.7 million XRP, roughly 158% above the daily average, sending price briefly to $2.28 before a sharp rejection. Analysts say this behavior aligns with the final stages of XRP’s broader corrective structure.Elliott Wave specialists note that XRP appears to have completed the final leg of its ABC correction earlier this month, bottoming near $1.88 — a region that coincides with the 161.8% Fibonacci extension, a level that frequently marks major cycle lows.Price Action SummaryXRP traded in a volatile but controlled intraday range:Range: $2.17 to $2.28Post-rejection pullback: price returned toward $2.17, then stabilizedConsolidation: XRP held between $2.18–$2.19Accumulation signals: volume spikes at 02:12 (387K) and 02:15 (427K) supported a rebound to $2.188The ability to repeatedly defend $2.17 and hold above $2.18 indicates the early reconstruction of bullish market structure rather than continued distribution.Technical Outlook: XRP Approaches a Make-or-Break Pivot1. Key support is holdingXRP’s resilience at the $2.17 support zone confirms that buyers remain active even after a challenging month. This level now serves as the foundation for any bullish continuation.2. Resistance pressure is narrowingLower highs over the past week define a descending resistance structure, but consolidation above $2.184 suggests accumulation. This transition typically precedes breakout attempts.3. Elliott Wave structure supports reversalAnalysts tracking the Wave-4 correction point out:Wave-4 likely completed near $1.88This aligns with major Fibonacci exhaustion zonesThe next phase, Wave-5, requires a confirmed breakout above $2.224. A close above $2.22 is the bullish triggerA daily close above $2.22 would:Break descending resistanceConfirm the end of Wave-4Activate early Wave-5 extension targetsIf confirmed, the next resistances are:$2.28 (local rejection level)$2.63 (supply cluster)$2.70 (channel resistance)5. Long-term Wave-5 projection: $5.85If the Wave-5 expansion fully develops, long-term Fibonacci extensions place the extended target region near:$5.85 (261.8% Fibonacci extension)This is a macro target, not an immediate one, but it remains valid as long as $2.17 holds.Market Behavior Supports Reversal ExpectationsSeveral signals align with the bullish reversal thesis:High-volume buying during the $2.28 testPersistent low-volume accumulation around $2.18Strengthening ETF flows into XRP productsImproving intraday accumulation patternsTogether, these suggest traders may be positioning for a breakout attempt in the coming sessions.What Traders Should Watch NowBullish scenarioHold $2.17 supportClose above $2.22 to confirm trend reversalBreak $2.28 to validate momentumUpside targets: $2.28 → $2.63 → $2.70, then potentially $5.85 (macro)Bearish scenarioLose $2.17 supportDownside opens toward $2.10, then $1.98Invalidates near-term Elliott Wave bullish countTiming mattersAnalysts expect the next 48–72 hours to determine whether XRP begins a new expansion phase or slips back into deeper consolidation.