XRP appears to be gearing up to enter a new bullish formation on the 4-hour candlestick timeframe chart. Technical analysis and interpretation of Elliott wave structure on the XRP price chart shows that the altcoin is still trading in a bullish impulse Wave 5 on the larger timeframe. There are multiple subdivisions within this Wave 5 formation, and the asset now appears to be transitioning into the second part of this internal wave structure that will push it to incredible price targets.
XRP Price Moving To Part 2 Of Bullish Wave 5 Movement
XRP’s price trajectory has been full of ups and downs since the beginning of March. At the time of writing, its price is currently on a correction path in the past 48 hours after recently hitting $2.56. Although it is easy to say the long-term outlook before the end of 2025 is still bullish for the altcoin, the path to getting there is currently unclear.
An interesting technical analysis based on the Elliott Waves principle, shared via the TradingView platform, provides a more structured interpretation of XRP’s recent price activity. According to this wave count, the asset officially entered its larger bullish Wave 5 after hitting a low of $1.96 on February 29 and went on a swift recovery that pushed the price to $3 on March 2.
What followed, however, was a series of sub-impulse moves that played out in the corrective ABC formation. This corrective phase extended until March 10 until XRP once again retested the $1.96 region.
Since the March 10 retest, XRP has been gradually moving higher in what now resembles the early stages of a bullish breakout. This movement has opened up the formation of a possible leading diagonal, which typically opens up at the start of a strong impulse following a correction. This, in turn, aligns with the view that sub-wave 2 has already concluded as a sideways combination. If this pattern continues to unfold, the altcoin would be entering sub-wave 3 of the larger fifth wave, often the most powerful stage in an Elliott Wave sequence.
Probabilities For Price Moving Forward
Although this Elliott wave count is bullish, there is still room for caution in the short term. Particularly, XRP’s price may dip into the $1.40 to $1.90 range before continuing higher. This would not disrupt the overall structure but serve as the final preparation for the rally phase of the broader impulse wave 5.
The possibility of this brief retracement holds slightly more probability, but the broader picture of the fifth wave is still in progress, and at least one more bullish leg is expected. Price targets for this final bullish leg range anywhere above the current all-time high of $3.40, but the Elliott wave count puts the target above the $10 range.
At the time of writing, XRP is trading at $2.41.
