XRP is trading in one of the most significant technical zones of the year, and a up-to-date two-week chart analysis proves that the larger Elliott Wave structure has not broken down.
The setup shared by cryptocurrency analyst Shadowy Defender places XRP at the end of a a narrowing of resistance and a top of support, where the next huge move could determine whether the cryptocurrency remains trapped below near-term resistance or begs for a stronger rally higher to specific resistance levels.
XRP Elliott Wave Number continues to indicate a larger bullish structure
Shadowy Defender the analysis is built around the notion that the basic Elliott Wave XRP structure remains intact on the two-week candlestick chart. The chart shows that XRP is moving in a larger sequence of five waves, with the current price action at the end of Wave 4.
According to Elliott Wave theory, Wave 4 is the second corrective phase in a five-wave impulse, which occurs before the final development of Wave 5, provided that the entire structure of the impulse is not invalidated by a breakdown.
As shown in the chart below, XRP is trading between a falling orange resistance line and a rising blue support line. XRP price touched the blue support line in March and has since created several bullish two-week candlesticks. The current candle has touched the descending orange resistance line again, which shows that XRP running out of space continue consolidation.
The analyst highlighted support between $1.36 and $1.31. This range is significant because XRP is already trading at around USD 1.36, which means that the price action is testing the bottom of the setup in real time.
A neat hold above this zone would keep the bullish wave count alive while losing area would discredit this possibility that the current structure is still preparing for the Wave 5 movement.
Fibonacci price level to $8
The most significant short-term battle is around the orange resistance line. Shadowy Defender said that XRP will break the orange resistance and provide a mighty, mighty run through the end of May. Since rejecting at $3.65 in July 2025, XRP has formed lower highs below this downtrend line, which is currently around $1.47.
The forecast path on the chart shows XRP breaking above $1.47 and then expanding towards higher Fibonacci extensions. The first notable expansion is the 161.80% gain at $1.8818. The 361.80% extension, Fibonacci level associated with extended Wave 3 and Wave 5 completions in mighty impulse structures, maps to $3.5632. However, this 644.40% extension forms the basis for a full bullish forecast of $8.7822, which is marked as the Wave 5 target.
Featured image from Sketchfab, chart from Tradingview.com
