XRP appears poised for significant upside movement, but not before testing critical support levels, according to prominent crypto analyst Quantum Ascent. In a detailed technical analysis released May 28, the trader outlined why a temporary correction to $2.13 could set the stage for XRP’s next major rally.
Elliott Wave Structure Points to Temporary Correction
The analyst’s latest assessment comes after accurately predicting XRP’s recent move to $2.66, just five cents shy of his $2.71 target. Now, Quantum Ascent suggests the completion of a five-wave pattern indicates a corrective phase is due.
“While the weekly chart structure remains firmly bullish, we’re likely entering a brief consolidation period,” explains Quantum Ascent. The analysis points to an ABC corrective pattern currently unfolding on shorter timeframes.
This forecast aligns with recent technical indicators highlighting XRP’s key support levels, suggesting the token’s underlying strength despite near-term volatility.
Key Support Level: Why $2.13 Matters
The projected downside target of $2.12-$2.13 holds particular significance for several reasons:
- Coincides with the 0.5 Fibonacci retracement level
- Aligns with previous fourth wave support
- Represents a critical psychological level above $2.00
Comparative Market Strength
Notably, XRP has demonstrated remarkable resilience compared to other cryptocurrencies. Recent institutional interest in XRP has helped maintain its strong market position, with the token setting higher highs ahead of most altcoins.
Looking Ahead: Price Targets and Timeline
Should XRP confirm support at $2.13, Quantum Ascent projects a new bullish wave that could push prices above $2.80. The analyst’s track record lends credibility to this forecast, having previously captured significant profit from XRP’s move from $0.50 to above $3.00.
FAQ Section
Q: Could XRP drop below $2.00 during this correction?
A: While possible, the analyst considers it unlikely and emphasizes it wouldn’t break the broader bullish structure.
Q: What timeframe is expected for the correction?
A: The analysis suggests a relatively brief consolidation period before the next upward move.
Q: What technical indicators support the $2.13 target?
A: Multiple factors including Fibonacci levels, wave structure, and previous support zones converge at this level.
At press time, XRP trades at $2.29, with market participants closely monitoring the potential move toward the key $2.13 support zone.