XRP has shown a notable uptick in price action in the past 48 hours as XRP’s price pushed higher from below $2 at the beginning of the year, but it now finds itself trading near the $2.40 region.  Interestingly, this recent push is more than just a bounce, especially as a longer-term chart structure shows comparisons with XRP’s behavior ahead of its 2017 breakout.

Technical analysis of XRP’s current price action on the weekly candlestick timeframe chart shows that the cryptocurrency is currently tracing out a similar price action to what it went through back in 2017 on the 3-day chart. 

In that earlier period, price action unfolded through a well-defined five-wave sequence, characterized by alternating phases of decline and recovery. Waves one, three, and five each pushed the price lower with corrective pressure, while waves two and four produced temporary rebounds that relieved selling pressure but failed to establish a lasting trend reversal.

The final stage of that sequence was particularly important. During the fifth wave, XRP’s decline slowed and compressed into a falling wedge formation. XRP’s price slipped below the $0.005 level and eventually stabilized around $0.00485, where downside follow-through became increasingly limited. 

From here, the downside pressure gradually weakened, volatility contracted, and selling momentum faded. When XRP finally broke out of that compression, it quickly reclaimed the $0.008 zone and broke through $0.02, resulting in the start of a rally that ultimately delivered gains well in excess of 1,000%.

XRP Price Chart. Source: @Steph_iscrypto

According to Steph’s analysis, XRP’s recent price action is following a remarkably similar rhythm. After topping out around $3.40 in mid-2025, the cryptocurrency entered a corrective phase that pushed the price steadily lower to create a falling wedge structure. 

That decline found support at $1.74, where selling pressure slowed and price action stopped making aggressive new lows. Now, it seems XRP is breaking out of the falling wedge and back to solidifying its price action above $2.

Now that XRP is back to trading above $2 and above the falling wedge, the next course of action is to look at how the price behaves from here. Of course, the most bullish course of action is for XRP to repeat a 1,000% rally, which would place it at a price target around $22. 

In terms of how this plays out, there are resistance levels to watch out for. The $2.30 area is an early test, followed by $2.50 and $2.80, which are prior consolidation levels where XRP slowed down during its push to all-time highs in 2025. 

After that, the $3.10 price level and the previous 2018 high at $3.40 are the major resistances that would need to be reclaimed. On the downside, sustained weakness below $1.90, and especially a move back toward $1.74, would challenge the idea that the corrective phase has fully played out.

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