XRP may be approaching a significant bullish phase as market analyst CryptoBullet sees signs that the cryptocurrency has completed its Wave 2 correction.
The analyst expects XRP to begin Wave 3, which could trigger a substantial price advance if the market confirms the technical setup. However, XRP must first overcome a major resistance level: the 350-day moving average.
In a tweet, CryptoBullet shared a daily XRPUSDT chart from Bybit and explained the bullish case. The analyst stated, “I like XRP here,” suggesting that the correction may have ended and Wave 3 could be starting. CryptoBullet added that XRP needs to break above the 350-day moving average in the coming weeks to strengthen this outlook.
I like $XRP here
Wave 2 correction may have ended, and we could be at the very beginning of Wave 3 📈 👀
I need to see a breakout above the 350-Day MA in the coming weeks pic.twitter.com/Kn2t0DQqNg
— CryptoBullet (@CryptoBullet1) November 5, 2026
Possible End to XRP’s Wave 2 Correction
CryptoBullet uses Elliott Wave analysis to explain XRP’s recent price movements. The chart identifies an initial upward movement as Wave 1, followed by a corrective formation consisting of three sections labeled A, B, and C.
The analyst marks Wave 1 around the September rally, when XRP climbed from approximately $0.98 to $1.70. XRP subsequently entered a correction, with the chart showing the C wave approaching the $1.20 region.
CryptoBullet now considers this decline a potential completion of Wave 2. If the analyst’s count proves accurate, XRP could begin Wave 3, which often produces an extended upward movement within an Elliott Wave impulse structure.
The chart projects an initial move toward the $1.45 region before XRP attempts a stronger advance. It also highlights potential upside targets around $2.00 and $2.90, based on Fibonacci extension levels. These projections outline the analyst’s expectations rather than guarantee future price movements.
XRP Needs to Break Above the 350-Day Moving Average
CryptoBullet identifies the 350-day moving average as the main obstacle to XRP’s bullish recovery. The purple indicator currently sits around $1.45, above the price level shown on the chart, and continues to exert downward pressure.
XRP needs to break above this average to strengthen the possibility of a new upward trend. A sustained move above the indicator could also support CryptoBullet’s expectation that Wave 3 has started.
An X user Jemi also highlighted the importance of this technical level, describing the 350-day moving average as the key trigger. The commenter warned that another rejection could prolong XRP’s correction.
Teddy expressed similar caution, noting that XRP still looks weak until buyers push the price above the moving average and establish it as support.
Commenters Assess XRP’s Bullish Potential
Other commenters offered different perspectives on XRP’s technical position. Cryptollica pointed to the cryptocurrency’s previous history of extended periods of limited price movement followed by significant advances.
CandleScope focused on the chart’s technical indicators, citing an XRP price of $1.307 and an RSI reading of 49.5. The commenter identified the approximately $1.45 moving average as the immediate level XRP must overcome.
For now, CryptoBullet maintains a bullish outlook but recognizes the importance of a confirmed breakout.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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