XRP Surges Back to $2.42, Gaining More Than 50% in the Past Five Weeks

The move marks a strong comeback from earlier declines, though the token still trades 30% below its January peak of $3.40.

The price of Ripple’s XRP has surged back to the $2.42 levels on May 16 after gaining more than 50% in the past five weeks. The move marks a strong comeback from earlier declines, though the token still trades 30% below its January peak of $3.40.

Despite this setback, analysts are confident that conditions are setting up for a possible breakout.

Analyst, Egrag Crypto, highlighted a breakout from a descending triangle seen in the daily timeframe. He believes XRP could reach $3.40 again if the current momentum continues, bringing it back to its January high.

Analyst Ted shares a similar view. He noted that XRP not only broke out of its downtrend but also turned that resistance into support.

At the same time, analyst CW highlighted XRP’s “perfect retest” of the falling wedge breakout, suggesting that the bounce off the trendline is a positive sign.

“$XRP started to bounce off the trendline after the correction. This is a perfect retest. The rally will start again,” CW said in a recent post.

According to CW’s analysis, the price action suggests buyers are stepping in to support the wedge’s upper boundary. If the token holds above this level, it could confirm a continuation of the uptrend and push the token toward his predicted target of $4.5. That would mark an 85.19% gain from current levels.

XRP Death Cross Could Limit Short-Term Momentum

Despite the optimistic projections, short-term indicators are showing signs of weakness.

XRP’s nine-day Simple Moving Average is on the decline and has fallen below the 21-day SMA. This crossover formed a “death cross” on the 4-hour chart, which often signals the possibility of a downturn.

While this doesn’t necessarily guarantee a crash, it does suggest that XRP could lose some momentum.

Analysts are now looking for signs of consolidation if the coin stays stuck in this pattern. Such a pause in movement could stretch on for some time, especially with uncertain sentiment in the broader crypto space.

XRP needs to stay above the $2.20–$2.30 support range. A fall below this level could invite stronger selling pressure.

On the other hand, if a rise in trading volume pushes XRP past $2.68, there’s potential for a move to $2.87. Still, the $3 mark continues to be a hard ceiling, acting as both a psychological and technical barrier.

Whale activity and other large market moves will likely decide whether the cryptocurrency continues climbing or slips back.

Traders watching the charts closely are waiting for the next strong signal to confirm a direction.

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