XRP may be on the verge of a major upside breakout\u2014but only after what crypto analyst Quantum Ascent describes as a necessary and temporary correction. In a new video analysis published on May 28, the seasoned trader warned that a drop toward the $2.13 level appears increasingly likely, but emphasized that such a move fits within a larger bullish Elliott Wave structure and would not invalidate the macro setup.<\/p>\n
\u201cI said $2.71 was on deck\u2014and we hit $2.66,\u201d Quantum Ascent recalled, referencing a prediction made earlier in May. \u201cI was five cents off. But now, it looks like we\u2019re in a bit of a correction. I\u2019m a little thrown off by the wave count here.\u201d<\/p>\n
The confusion, he explained, stems from the structure of what appears to be a completed five-wave move. While the third wave in an Elliott Wave pattern is typically the longest, the analyst noted inconsistencies in the current formation that warrant a deeper technical review. Still, the overall structure\u2014particularly on the weekly chart\u2014remains intact.<\/p>\n
\u201cYou can see one-two-three-four-five on the weekly,\u201d he said. \u201cThat\u2019s printing a macro one-two. And the third wave should get us going here out of this area.\u201d<\/p>\n
Zooming into the 12-hour and daily timeframes, Quantum Ascent pointed to an ABC corrective pattern<\/a> now likely unfolding, with the C wave projected to equal the A wave in length. According to his measurement, this points to a downside target of $2.12\u2013$2.13, which aligns with the 0.5 Fibonacci retracement level drawn from the previous impulse wave and also coincides with the fourth wave of the prior move\u2014often a zone of strong support<\/a>.<\/p>\n \u201cFor me, that looks really good as a spot for us to kind of chill out. Maybe consolidate sideways a little bit,\u201d he said. \u201cBut I do expect the next move to be up.\u201d<\/p>\n He was adamant that a breakdown below $2.13 would not constitute a structural failure: \u201cI find it really hard to think XRP\u2019s gonna go below $2 here on this move. It could technically\u2014and still nothing would be broken. We\u2019re still just looking for a one-two, and the two could come down here if it wanted.\u201d<\/p>\n