XRP Surges Past NecklineAnalyst Projects Rally To $3.57

Veteran wave technician BigMike7335 (@Michael_EWpro) argues that the XRP token has just completed a textbook reversal on the daily chart. In a post that accompanied the chart shown below, the strategist quipped, While you were busy being all excited about COIN being added to ES, XRP decided to breakout.

XRP Breakout Confirmed

The annotated Bitstamp daily shows price clawing back to $2.5717, a 21% gain over the last seven sessions that decisively lifts the token through a six-month neckline sitting fractionally above $2.40. That horizontal barriercoloured red on the chartcoincides with the top of a thin, downward-slanted Ichimoku cloud. Thursdays close placed the candle not only above the Kumo but also above the 50-day EMA (orange), the 100-day EMA (aqua) and the 200-day SMA (dark blue), stacking the moving-average ribbon in a classic bullish configuration.

The thrust completes an inverted head-and-shoulders that formed inside wave (iv) of a larger five-wave advance. The April swing low almost tagged the 0.382 Fibonacci retracement of the entire November-to-February impulse at $1.56732; wave c of that corrective leg created the patterns head, with symmetric shoulders in mid-March and early-May. Measured-move arithmetic from the formations $0.80 depth projects approximately $3.58Big Mike boxes the target at $3.57638, exactly where the white arrow terminates on his chart and where the dashed vertical line identifies Wednesday, 18 June 2025 as a plausible time window.

Market-profile data on the right flank strengthen the case: the heaviest volume node (green and tan bars) sits between $2.30 and $2.50, meaning the breakout thrust has already cleared the zone of greatest historical order flow. Above $2.80 the profile thins dramatically, implying scant overhead supply until the prior cycles upper channel rail near $3.00 and, ultimately, the $3.57 objective.

Momentum gauges back the move. Daily RSI has reclaimed the 60-line and is rising briskly without yet entering overbought territory, while the stochastic oscillator has punched through its signal line and is accelerating toward the upper bandconfirmation that impulse rather than mere short covering is at work.

Key risk markers remain below. Dashed support at $1.66027the lower edge of the DecemberMay broadening wedgeremains key; a failure to hold that level would invalidate the breakout thesis. Until then, the chart now offers bullish traders a classic post-neckline retest scenario, with the analyst eyeing $3.57 as the technical terminus of wave (v).

For now, XRP bulls finally have a structure that justifies optimismand, as Big Mike notes, they did it while the rest of the market was distracted by the inclusion of Coinbase (COIN) in the S&P 500 on Tuesday.

At press time, XRP traded at $2.60.

Text source: NewsBTC

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