As it stands, the XRP price is now sitting at an important decision point, and the analyst is distinguishing between two scenarios heading into Q2. The primary focus is on whether it can sustain a corrective bounce, which is labeled as a “B wave” based on the Elliott Wave theory, back to the $1.76 to $2.86 resistance band.
According to the analysis, any meaningful recovery in Q2 would need to push decisively into this region. A move above $2 would begin to validate the idea of a broader rally. This prediction is based on the 50% Fibonacci extension at $2.03380 and the 61.8% level at $2.34157, both on the weekly chart.
However, the structure of that bounce matters more than the bounce itself. If the price action forms a three-wave move upward, it would likely confirm a B-wave scenario, meaning the rally is corrective in nature and not the start of a new bullish cycle.
