Technical analysts are highlighting multiple bullish signals forming on XRP's weekly price chart, suggesting a potential trend reversal and significant upward movement may be imminent. The cryptocurrency, currently trading at $1.48, has gained 6.31% in the last 24 hours and 10.08% over the past seven days, with its market capitalization reaching approximately $91.56 billion.
A key development is the formation of an Elliott Wave pattern on the weekly timeframe. Analysis indicates that XRP spent from 2018 to 2024 consolidating within a high-timeframe symmetrical triangle before breaking out in late 2024 in a clear, impulsive five-wave pattern. Since that breakout, the asset has been in a three-wave expanded flat correction, which analysts believe is either complete or nearly complete. This suggests XRP is now within a range of support, with a high probability of another five-wave impulsive move upward. The completion of this movement could propel XRP's price above its recent high near $3.70, with potential targets set between $5 and $8, and even reaching for $6, $8, or $10 all-time highs.
Concurrently, analyst CW8900 has flagged the appearance of green Heikin Ashi candles on XRP's 1-week chart. Heikin Ashi candles are designed to filter out short-term market noise by averaging data across sessions, making a solid green formation on the weekly chart a strong indicator of sustained bullish momentum rather than a temporary bounce. This signal aligns with CW8900's earlier call on April 6 for a "massive XRP rally," which is now materializing as price action confirms the trend reversal.
Additional technical setups support the bullish outlook. A separate analysis previously identified a potential cycle bottom forming on the 2-week Gaussian Channel when XRP was trading near $1.36, pointing to a historically significant reversal zone. The current price movement from that level is seen as the first step toward a larger breakout structure that has been mapped with key resistance zones.
While the technical indicators are promising, analysts note that the continuation of the rally depends on volume and follow-through in the coming sessions. The upcoming weekly close will be crucial in determining whether the bullish Heikin Ashi candle formation holds.
