As XRP attempts to climb to higher levels, an analyst affirmed that the altcoin is \u201cdoing what it needs to do\u201d to continue its bullish rally, highlighting multiple key structures in key timeframes.<\/p>\n
After retesting the $1.90 area on Friday morning, XRP saw a 4.6% intraday bounce toward the mid-zone of its local range. Over the past five days, the cryptocurrency has been hovering in the $1.85-$2.00 price range, failing to hold the upper zone of this range.<\/p>\n
Market watcher ChartNerd pointed<\/a> out a key reversal pattern that could signal a massive price expansion may be around the corner, noting that the altcoin is at a \u201ccritical inflection point\u201d as it retests a macro support zone.<\/p>\n He explained that a running flat ABC correction formation is \u201ca sophisticated structure where the failure of the \u2018C\u2019 wave to breach previous lows signals underlying bullish strength.\u201d<\/p>\n XRP has been mirroring the same structure over the past 400 days, which would point \u201ctoward a structural breakout, marking the transition from a yearly long base into a new primary uptrend\u201d if it resolves.<\/p>\n As the chart shows, \u201cthe wave counts repeating toward the structure are evident in XRP\u2019s price action,\u201d and as long as the macro support holds, around the $1.80 area, the C wave \u201ccould be working in the bulls\u2019 defense.\u201d<\/p>\n We could be just building a base above $1.80, marking the C wave in this running flat correction before the major breakout.<\/p>\n ChartNerd added that there could be a scenario in which XRP deviates<\/a> below its major support before a V-shape recovery. However, he warned that losing this area would not be healthy, detailing that the only way to invalidate the pattern would be for the price to close below the structure\u2019s support, retest it as resistance, and drop to lower levels.<\/p>\nXRP\u2019s Price Defends Macro Support<\/h2>\n