XRP bulls are trying to turn a brutal selloff into something bigger than a relief bounce.

An interesting setup shows a possible three-part impulse from the recent low around $1.05, but the entire setup still depends on whether buyers can force the price through the levels that broke during the crash.

XRP’s Chart Is Trying To Build A Three-Part Impulse An interesting technical analysis of the XRP price is centered on a possible three-leg recovery structure, with the cryptocurrency’s latest low around $1.07 acting as the starting point.

From there, the projected path shows an impulsive move into the $1.94 region, a pullback into the $1.46 zone, and then a much larger advance into the upper resistance band between $2.39 and $3.11.

Related Reading: XRP Is Oversold On Every Time Frame, And This Could Be The Bullish Signal Everyone Is Waiting For The interesting chart, which was shared on X by RWA_Investor, shows a macro corrective sequence playing out from XRP’s highs above $3 since last year, a classic W-X-Y double zigzag that has consumed months of price history.

The first leg, Wave W, completed a full ABC decline, bottoming at a major low labeled (C)/(W) on the chart in early February.

A linking wave X then produced a counter-rally that pushed the XRP price above $1.50 in the middle of May with an internal structure of its own (X)-(A)-(B) sequence before rolling over.

That rollover initiated the final Y leg, which has now pushed the XRP price down to the $1.12 range again at the time of writing.

The Impulse Setup Back Above $3 Now that the (C)/(Y) wave is playing out at current lows around $1.12, the setup is an anticipated change from correction to a bullish impulse wave.

Related Reading: The XRP Dream Has Changed: Why A Rally To $10 Could Happen Despite Disappointment The projected move is a three-wave ABC recovery that targets a destination box between $2.39 and $3.11.

Wave A is expected to push toward the $2.12 level; however, this projection does not give XRP a free pass.

There’s a support/resistance trendline around $1.46, which is going to be the first test, and there’s another possible rejection test around $2.12.

Wave B would then retrace back to around $1.46, but this shakeout should not be mistaken for bearishness.

Wave C, the final and strongest leg of the sequence, is going to be characterized by a move into a target zone anywhere between $2.70 and $3.10.

A break above $3.10 would suggest that XRP has already found its macro bottom at $1.05.

In that scenario, the three-part structure would begin to look like the beginning of a broader trend reversal into new all-time highs.

If XRP fails below the upper band and loses momentum after the projected rebound, then it could eventually revisit the $0.75 to $1 range to complete a corrective macro wave 2.

Interestingly, multiple analysts have identified the $0.87 to $0.92 region as a potential bottom target for XRP under a corrective macro wave.

Featured image from Freepik, chart from Tradingview.com