XRP continues to defend a critical support level, holding the $2.17 zone even after an 18% monthly decline, as analysts highlight a potential Elliott Wave reversal that may signal the end of the token’s corrective phase.

The asset faced another volatile trading day, extending a month-long stretch of sustained selling pressure. Sentiment weakened earlier in the week but began to stabilize as XRP approached its long-term trend floor. The most significant activity occurred around 15:00 UTC, when trading volume spiked to 202.7 million tokens — roughly 158% above normal — briefly pushing price to $2.28 before a swift rejection.

Technicians note that XRP’s recent movements align with the possible completion of its larger corrective structure. Elliott Wave analysts argue that the final leg of the ABC correction likely bottomed near $1.88 earlier this month, a level that coincides with major Fibonacci extensions commonly associated with cycle lows.

Throughout Tuesday, the token oscillated within a sharp $0.11 band between $2.17 and $2.28. Following the rejection from $2.28, XRP slid back toward $2.17, then held firm as it consolidated within the $2.18–$2.19 pocket. Late-session trading showed signs of constructive accumulation, with price drifting higher from $2.183 to $2.188 on back-to-back volume bursts at 02:12 and 02:15 (387K and 427K), reinforcing the support zone.

XRP’s ability to repeatedly defend $2.17 suggests that buyers remain active despite the broader downtrend. While a descending series of lower highs from the past week still caps upside momentum, the multi-layered consolidation above $2.184 hints at accumulation rather than continued distribution.

The key pivot now sits at $2.22. Analysts view this level as the primary confirmation point for a broader trend reversal. According to Elliott Wave mapping, XRP has completed its Wave-4 corrective phase, with the $1.88 low aligning with the 161.8% Fibonacci extension — a common termination area for deep corrective waves. A sustained close above $2.22 would validate the start of Wave-5 expansion.

If confirmed, long-term Fibonacci projections suggest potential upside toward $5.85 (261.8% extension), though XRP must first reclaim $2.22 and then break $2.28 to trigger momentum-driven continuation.

Volume behavior reinforces the bullish reversal scenario: the surge during the $2.28 probe followed by steady accumulation near $2.18 indicates positioning ahead of a possible breakout attempt.

XRP now sits at a decisive moment. Holding $2.17 is critical to preserving the emerging reversal structure. A close above $2.22 would deliver the strongest bullish signal seen in weeks and activate higher-wave targets. A breakdown below $2.17, however, would expose $2.10 and $1.98 and invalidate the bullish count.

With ETF flows strengthening, intraday accumulation improving, and the corrective wave potentially complete, XRP’s next 48–72 hours may determine whether a new macro expansion begins — or whether the token slips back into deeper consolidation.