XRP bulls are trying to turn a brutal sell-off into more than a relief bounce — and one technical read suggests a tidy three-part recovery could be forming off the recent lows.
The setup, shared on X by RWA_Investor, treats the early-February low (around $1.05–$1.12) as the base of a potential ABC impulse. That view builds on a larger corrective pattern from last year’s highs above $3 — a W‑X‑Y double zigzag — where:
- Wave W completed an ABC decline into the February low (labeled (C)/(W)),
- Wave X produced a counter-rally that pushed XRP above $1.50 in mid‑May,
- Wave Y then resumed the sell-off to the current $1.12 area.
What traders are watching now is whether the correction actually pivots into a bullish impulse. The projected three-wave recovery would look roughly like this:
- Wave A: an initial push into the roughly $1.9–$2.1 area (some projections mark $1.94–$2.12),
- Wave B: a pullback to the $1.46 trendline (an important support/resistance pivot),
- Wave C: a stronger final leg into a target band roughly between $2.39 and $3.11 (with finer targets of about $2.70–$3.10).
Key decision points and implications
- The $1.46 trendline is the first meaningful test — holding it would support the bullish count.
- A rejection near the $2.1 area would be a normal Wave B reaction; failure to follow through into Wave C would leave the recovery in doubt.
- A decisive break above ~$3.10 would be significant: it would argue that XRP found a macro bottom near ~$1.05 and could mark the start of a broader reversal toward new highs.
- Conversely, if momentum fades after the rebound, XRP could still revisit $0.75–$1 to complete a larger corrective macro Wave 2. Several analysts have pointed to $0.87–$0.92 as a plausible downside target in that scenario.
Bottom line: the chart presents a clean, tradable narrative for bulls — but it hinges on reclaiming and sustaining the price levels broken during the crash. Traders should watch the $1.46 and ~$3.10 areas as the primary make-or-break zones for this thesis.
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