XRP is holding firm at a key support level of $2.17 despite an 18% monthly decline, signaling that buyers remain active as analysts spot a potential Elliott Wave reversal that could mark the end of the corrective phase.
After weeks of sustained selling pressure, XRP saw heightened volatility during the latest session. Trading volume spiked to 202.7 million tokens at 15:00 UTC — 158% above average — briefly pushing the price to $2.28 before a swift rejection.
Technical indicators suggest that XRP’s corrective structure may be nearing completion. Elliott Wave specialists note that the ABC correction likely bottomed near $1.88 earlier this month, aligning with key Fibonacci extensions that often coincide with cycle lows.
Throughout the session, XRP traded within a tight $0.11 range between $2.17 and $2.28. After the rejection from $2.28, the token stabilized around $2.18–$2.19. Late-session buying lifted price from $2.183 to $2.188, supported by volume bursts of 387K and 427K tokens, indicating accumulation at critical demand levels.
While a descending resistance line still caps momentum, multi-stage consolidation above $2.184 points to building bullish structure rather than continued distribution. The next pivotal level is $2.22 — a sustained close above this mark would confirm the start of Wave-5 expansion. Long-term Fibonacci projections place potential upside near $5.85, but XRP must first reclaim $2.22 and then $2.28 to validate breakout strength.
Volume patterns support this thesis: heavy buying during the $2.28 test followed by steady accumulation near $2.18 indicates positioning ahead of potential upside.
XRP now sits at a critical juncture. Holding $2.17 is essential to preserving the emerging bullish setup. A close above $2.22 could trigger a larger trend reversal, while a drop below $2.17 risks reopening $2.10 and $1.98, invalidating the bullish outlook. With recovering accumulation and strengthening ETF flows, the next 48–72 hours may determine whether XRP enters a new macro expansion phase or falls back into consolidation.
