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While $XRP continues to face selling pressure below $1.5, a broader technical structure suggests the long-term outlook may still be bullish.
Notably, chart data reveals a large curved formation that began after the $XRP peak of $3.31 in January 2018 and progressed through years of lower lows followed by higher lows, forming what looks like the “Nike” logo.
Within this structure, $XRP has also followed a five-wave Elliott Wave pattern since June 2022. The price currently trades within a second corrective wave, and subsequent waves could push $XRP to targets of $11-$13, $23-$27, and potentially $100.
Key Points
- $XRP has been trading within a curved structure since 2018, which could potentially guide its price action to higher levels.
- The base of the structure formed when $XRP fell from $3.31 in January 2018 to a low of $0.1140 after two years of lower lows.
- After this, $XRP slipped into a sequence of higher lows, leading to the full curved formation.
- Within this pattern, $XRP has followed a five-wave Elliott Wave cycle, with Wave 1 running from $0.28 to $3.4 by January 2025.
- The current correction from $3.4 represents Wave 2, with a possible capitulation zone around $0.85 aligning with structural support.
- Projected upside zones include $11-$13 initially, $23-$27 as a high-probability Wave 3 peak, and $100 as a potential Wave 5 blow-off target.
The $XRP “Nike” Formation
The Nike formation was identified by market analyst EGRAG Crypto amid $XRP’s current downtrend. In his latest analysis, he argued that $XRP has traded within what he calls the “Just Do It” structure, a formation featuring a curved tick shape that looks like the globally recognized Nike logo.
According to data from EGRAG’s chart, $XRP began forming this Nike structure after it dropped from its $3.31 high in January 2018. Following that peak, $XRP recorded lower lows for two consecutive years. This prolonged decline eventually drove the token to a bottom of $0.1140 by March 2020.
After $XRP hit $0.1140, the bulls regained control. Notably, instead of continuing to print lower lows, $XRP began forming higher lows. This sequence of higher lows has remained intact up to the current cycle.
The Nike structure combines the lower lows that persisted until March 2020 with the higher lows that followed from that point forward. Together, these price movements created a curved formation that visually mirrors the Nike logo, which inspired EGRAG’s label for the setup.
$XRP’s Elliott Wave Pattern
Within this broader Nike structure, $XRP has followed a five-phase Elliott Wave pattern since June 2022. EGRAG’s chart shows that Wave 1 started when $XRP rebounded from $0.28 in June 2022. This initial impulsive move culminated in a peak at $3.4 in January 2025.
After reaching $3.4 in January 2025, $XRP entered Wave 2, which marked a corrective phase. The asset pulled back from the $3.4 high and has remained in this correction up to the present.
EGRAG suggests that Wave 3 stands next in line and could lead to the widely anticipated recovery. He stressed that Wave 3 historically represents the strongest leg in an Elliott Wave cycle, bolstering his conviction about substantial upside potential.
$XRP Expansion Targets at $11, $23, and $100
During his analysis, EGRAG argued that $XRP does not sit in a dead market but in a macro reset inside a long-term expansion. He maintains that the bullish structure remains intact and that the bullish wave count also holds firm.
However, the analyst called attention to a lower level at $0.85, which he identified as the Wave 2 capitulation zone. Notably, this level aligns with the structural support area along the Nike curve.
Looking ahead, EGRAG outlined higher expansion zones. He projected a first upside range between $11 and $13. Beyond that, he identified $23 to $27 as the high-probability peak zone for the Wave 3 rally.
Meanwhile, he also presented $100 as a tail-risk blow-off target if liquidity conditions flip toward a risk-on environment. Data from his chart shows that this $100 level represents the peak target for Wave 5 within the broader Elliott Wave structure.
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