XRP Breaks Above Key Resistance—Analyst Forecasts Rise to $3.57

Experienced wave analyst “BigMike7335” (@Michael_EWpro) suggests that the XRP token has confirmed a classic reversal pattern on the daily chart. In a post featuring the accompanying chart, the analyst noted, “While you were excited about COIN being included in the S&P, XRP made its breakout.”

XRP Breakout Ratified

The marked Bitstamp daily chart depicts a price recovery to $2.5717, showcasing a 21% increase over the past week, effectively surpassing a six-month resistance level just above $2.40. This horizontal resistance, highlighted in red on the chart, aligns with the upper boundary of a slightly descending Ichimoku cloud. The closing price on Thursday not only surpassed the Kumo but also exceeded the 50-day EMA (orange), the 100-day EMA (aqua), and the 200-day SMA (dark blue), establishing a classic bullish structure with the moving averages.

This increase completes an inverted head-and-shoulders pattern formed within wave (iv) of a broader five-wave advance. The April low nearly reached the 0.382 Fibonacci retracement level of the entire swing from November to February at $1.56732; the head of the pattern was established by wave “c” of that corrective section, with symmetrical shoulders forming in mid-March and early May. Calculating potential prices from the formation’s depth of $0.80 suggests a target around $3.58—Big Mike marks the goal at $3.57638, corresponding with where the white arrow on the chart ends and indicating a prospective timeframe of Wednesday, June 18, 2025.

Further Reading

Market data on the right side reinforces this case: the most substantial volume node (green and tan bars) ranges from $2.30 to $2.50, indicating the breakout has already passed through the most critical historical order flow zone. Above $2.80, the volume decreases markedly, suggesting limited overhead resistance until the previous cycle’s upper channel near $3.00 and ultimately the target of $3.57.

Momentum indicators support this uptick. The daily RSI has reclaimed the 60-level and is steadily increasing without reaching overbought levels, while the stochastic oscillator has moved past its signal line and is heading towards the upper band—indicating that genuine buying momentum is in play rather than mere short-covering.

Further Reading

Key risk levels are situated below. The dashed support at $1.66027—the lower boundary of the broadening wedge formed between December and May—remains crucial; failure to maintain this level would undermine the breakout thesis. Until that threshold is breached, the chart presents a conventional opportunity for bullish traders post-neckline retest, with an analyst anticipating $3.57 as the concluding point of wave (v).

For now, XRP bulls have finally established a framework that supports realistic optimism—and, as Big Mike observes, they achieved this while the majority of the market was preoccupied with Coinbase’s (COIN) S&P 500 inclusion on Tuesday.

As of the current update, XRP is priced at $2.60.

Featured image created with DALL.E, chart from TradingView.com