XRP‘s descending triangle is about to snap, threatening a drop below $1.28… or perhaps it’s just a very polite request for a cup of tea.
Four months. That is how long XRP has been grinding inside the same tight band. No clean breakout. No decisive flush. Just compression, and the chart is starting to show exactly what that means. Perhaps the market is preparing to throw a party, or maybe it’s just tired of being a wallflower.
Protechtor posted on X, calling it the late stages of a descending triangle on the daily. In Elliott Wave terms, that structure carries a short-term bearish bias. Triangles like this one do not usually dissolve quietly. They tend to erupt with the enthusiasm of a toddler denied a cookie.
Daily.
From my last weekly update on.”It (the wave/selloff from the last year) is done or nearly done (2 or B). We are in the middle of a range of support I have watched and shown numerous times for over a year.”
What follows is the “nearly done” view.
We have…
– protechtor (@protechtor)
Source: Protechtor
This Pattern Has One Typical Exit
They thrust. Sharp, fast, and often quickly retraced. That is the part most traders miss when they see a breakdown. It’s like watching a magician pull a rabbit out of a hat-except the rabbit is a bear market and the hat is a spreadsheet.
The (d) wave low sits at $1.28. A move below that level raises the odds the full pattern plays out, according to Protechtor’s post on X. That number has come up before. The analyst had flagged the same support band in an earlier update, describing it as a range watched and referenced for over a year. It is not a random line. It’s a cliff, really, and the market is teetering on the edge.
Meanwhile, ETF clients bought $2.42 million worth of XRP in recent activity. Total ETF-held net assets now sit at $1.44 billion, WhaleInsider noted on X. That is accumulation happening while the chart compresses. Worth holding onto that thought. Unless, of course, the thought is a trap.
Back to the triangle. The short-term read is bearish, but Protechtor was specific about what changes that. A breakout above the (c) wave flips the script entirely. That move would raise the odds that a more significant XRP cycle low has already formed. Two completely different outcomes are still sitting on the table. One is a crash, the other a party. The market is indecisive, as usual.
$1.44 Billion Does Not Lie
Institutional buyers do not typically pour $1.44B into net ETF assets during full distribution. They accumulate in weakness. The ETF inflow data and the four-month compression period overlap in a way that is hard to ignore. It’s like a dance, but the music is a spreadsheet and the dancers are hedge funds.
The descending triangle has now matured. That is the word protechtor used. Late stages. Which means the resolution window is tightening, a point that aligns with converging trendlines pointing toward early May on the broader chart structure. The market is getting antsy, like a squirrel in a wheel.
Lose $1.28, and the bearish path opens. The thrust lower, if it comes, is the kind of move protechtor described as noise for long-term holders. The same move, for someone waiting to build a position into the next cycle, is an entry. It’s a game of chicken, and the chicken is a graph.
Close above the (c) wave instead, and the low may already be in. Either scenario, the analyst said in the post, points toward a significant bottom being near. Whether it has already formed or still needs one final shakeout below $1.28 is the only question left. The market is holding its breath, waiting for the punchline.
Forty-eight hundred dollars in fresh ETF buying happened while that question was still open. Someone is not waiting for the answer. They’re just buying, like they’re in a race against time, and time is a very slow tortoise.
Disclaimer: This article reflects technical analysis based on publicly available sources and commentary. It is not financial or investment advice.
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2026-04-23 18:17