XRP defended the $2.17 support zone despite an 18% monthly drawdown, with analysts spotting a potential Elliott Wave reversal setup hinting at the end of the corrective cycle. Trading volume spiked to 202.7 million tokens, driving XRP briefly to $2.28 before a quick rejection. Technical analysts see signs of a broader corrective structure completion.

XRP traded in a tight range between $2.17 and $2.28, showing constructive accumulation after bouncing off the $2.17 floor. The ability to hold above $2.18 hints at early bullish structure rebuilding. Buyers remain active around key demand zones despite the monthly decline, with multi-stage consolidation above $2.184 signaling accumulation rather than distribution.

The $2.22 region is now pivotal for a broader trend reversal, as Elliott Wave analysis suggests the completion of Wave-4 corrective structure near $1.88. A sustained close above $2.22 could trigger Wave-5 expansion, potentially leading to an extended upside target near $5.85. Volume behavior supports the reversal thesis, with heavy buying near $2.28 and persistent accumulation at $2.18 indicating potential breakout attempts ahead.

Read more at Yahoo Finance: Has XRP Finally Bottomed? Key Support Holds as Wave-5 Breakout Trigger Nears