CoinDesk reports that XRP has successfully held onto a critical support level at $2.17, even after suffering an approximately 18% decline over the past month.This defense has sparked renewed speculation among technical analysts that the worst of the downtrend may be over — and that a bullish rebound could be in the offing.
During the most recent session, XRP experienced a sharp volume spike — about 158% above average — briefly pushing the price up to $2.28 before a rejection sent it back down toward the $2.17 floor. That volatility suggests there was considerable buying interest around the support zone. Analysts note that the latest price action fits a consolidation pattern — potentially the final pause before a larger upward move.
From a technical standpoint, many see XRP as having completed a corrective phase under the framework of Elliott Wave Theory. According to this view, if XRP can decisively close above $2.22, that could trigger the start of “Wave 5” — often the most aggressive leg in a bullish cycle.On the upside, some projections target levels as high as $5.85, though those remain speculative and contingent on volume, market sentiment, and broader crypto conditions.
That said, the path ahead is still precarious. Failure to hold the $2.17 support could open the door to renewed declines, potentially dragging XRP toward lower levels around $2.10 — or even lower, according to more bearish scenarios.
In the coming days, traders and investors will be closely watching whether XRP can sustain momentum — if it can clear $2.22 with convincing volume, it may mark the beginning of a fresh upward cycle; if not, the corrective pattern may resume.
