XRP Monthly EMA and Elliot Wave Setup Target $15-$31

XRP targets unprecedented prices, spurred by the combination of strength around a key support and an Elliott Wave formation on the monthly chart.

Notably, XRP is showing signs of structural stability on higher timeframes, with the monthly chart highlighting a shift in momentum as the price continues to hold above a critical moving average. The current setup suggests that the asset may be transitioning away from prolonged consolidation into a more directional phase.

Key Points

• XRP is showing signs of structural stability, with the monthly chart highlighting a shift in momentum as price continues to hold above a critical moving average.
• XRP remains supported by the 50-period EMA on the monthly timeframe, currently at $1.33.
• Price briefly dropped toward the 100 EMA before reversing in the previous cycle, but it looks very unlikely due to the maturing market and fading selling pressure.
• A broader channel on the chart indicates that XRP continues to respect its long-term upward trajectory within an ascending channel.
• The current structure aligns with the early stages of a third wave in an Elliott Wave pattern, targeting $15.

XRP Holds Key Support Area

Market technician EGRAG Crypto highlighted a power setup on the monthly chart, one that would spark a price surge to new highs for XRP. He shared a chart showing the combination of a crucial EMA and wave structure formation for this bullish pattern.

On the chart, XRP remains supported by the 50-period exponential moving average (EMA) on the monthly timeframe. Currently at $1.33, this dynamic trendline has acted as a base during the recent downtrend, preventing deeper downside in March when XRP looked very weak.

XRP bounced off this EMA earlier in April, joining a broader market recovery attempt. With selling pressure fading and the asset’s price structure strengthening. EGRAG suggests this could be the base for XRP.

In the previous cycle, the price briefly dropped toward the 100 EMA before reversing, presenting what turned out to be a final accumulation opportunity. This time, however, the structure appears more resilient, with no clear signs of a similar deep retracement so far.

The analyst noted that the market is maturing, reducing the prospect of weaker dumps. As such, he sees a 100 EMA wick as a “rare opportunity,” suggesting it is highly unlikely.

XRP Still in Long-Term Ascending Channel

Meanwhile, a broader channel visible on the chart indicates that XRP continues to respect its long-term upward trajectory within an ascending channel. The asset entered the current wedge in July 2022.

Notably, the price action has been compressing within this structure while consistently holding above key support levels. This type of trend often reflects a market slowly grinding higher despite periods of uncertainty.

The recent dip has brought XRP close to the channel’s lower support. EGRAG expects strong demand around this zone and the 50-month EMA to provide the strength needed for a sustained recovery.

XRP and Elliott Wave 3 Outlook

The analysis also highlighted that the current structure aligns with the early stages of a third wave in an Elliott Wave pattern. The chart outlines an initial breakout phase in wave 1, followed by a corrective period in wave 2.

Currently, XRP is attempting to enter the price expansion phase in wave 3. Historically, this phase tends to carry the strongest momentum for an Elliot Wave pattern. Bullish alignment with the EMA support further strengthens its rally prospects.

Projected levels on the chart place potential upside targets significantly higher if this wave develops fully, with Fibonacci extensions marking zones well above previous highs. Wave 3 targets the 1.414 Fib level at $15, while the completion of the five-wave pattern could take XRP to $31.