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XRP may be on the verge of a major upside breakout—but 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.
XRP Set To Plunge Before Exploding Higher?
“I said $2.71 was on deck—and we hit $2.66,” Quantum Ascent recalled, referencing a prediction made earlier in May. “I was five cents off. But now, it looks like we’re in a bit of a correction. I’m a little thrown off by the wave count here.”
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—particularly on the weekly chart—remains intact.
“You can see one-two-three-four-five on the weekly,” he said. “That’s printing a macro one-two. And the third wave should get us going here out of this area.”
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Zooming into the 12-hour and daily timeframes, Quantum Ascent pointed to an ABC corrective pattern 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–$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—often a zone of strong support.
“For me, that looks really good as a spot for us to kind of chill out. Maybe consolidate sideways a little bit,” he said. “But I do expect the next move to be up.”
He was adamant that a breakdown below $2.13 would not constitute a structural failure: “I find it really hard to think XRP’s gonna go below $2 here on this move. It could technically—and still nothing would be broken. We’re still just looking for a one-two, and the two could come down here if it wanted.”
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Quantum Ascent also highlighted XRP’s comparative strength relative to the broader crypto market, noting that it had recently set a higher high earlier than most altcoins. “Structurally on the larger time frame, XRP is holding up a lot stronger than the rest of the market.”
The analyst, who disclosed that he originally bought XRP around $0.50 and sold a large portion above $3, said he remains long-term bullish and continues to hold XRP as a core part of his portfolio. “This thing has been good to me,” he said. “Again, I see a drop down temporarily—but it’s just that. It’s temporary.”
For now, all eyes remain on the $2.13 level. If XRP holds that zone and confirms support, Quantum Ascent believes a new bullish wave 4 could soon begin—one that takes the token above the $2.80 mark.
At press time, XRP traded at $2.29.
Featured image created with DALL.E, chart from TradingView.com
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