XRP Primary Elliot Wave Remains Intact And It’s Pointing Above $8

XRP is trading in one of its most important technical zones of the year, with a new two-week chart analysis arguing that the larger Elliott Wave structure has not broken down. 

The setup, which was shared by crypto analyst Dark Defender, places XRP near the end of a narrowing resistance and support apex, where the next major move could decide whether the cryptocurrency will still be trapped below short-term resistance or beg a stronger upward rally to defined resistance levels.

XRP’s Elliott Wave Count Still Points To A Larger Bullish Structure

Dark Defender’s analysis is built around the view that XRP’s primary Elliott Wave structure is still intact on the two-week candlestick timeframe chart. The chart shows XRP moving through a larger five-wave sequence, with the current price action around the end of Wave 4. 

According to Elliott Wave theory, Wave 4 is the second corrective phase in a five-wave impulse that comes before the final Wave 5 expansion, provided the entire impulse structure is not invalidated by a breakdown.

As shown in the chart below, XRP is being squeezed between a descending orange resistance line and a rising blue support line. The XRP price touched the blue support line in March and has created a few bullish 2-week candlesticks since then. The current candlestick touched the descending orange resistance line again, and this shows that XRP is running out of space to continue consolidating.

Source: Chart from Dark Defender on X

The analyst highlighted support between $1.36 and $1.31. That range is important because XRP is already trading around $1.36, meaning the price action is testing the lower part of the setup in real time.