XRP's Recent Performance and Market Structure
Ripple (XRP) recently surged to a peak of $2.90**, completing **wave (5)** of its Elliott Wave pattern. However, the price has since entered a **corrective phase**, forming a **descending channel** with key support at **$2.17.
Key Takeaways:
- $2.90 peak: Likely marked the end of wave (5).
- Descending triangle: Signals consolidation, with potential for breakout or deeper correction.
- Critical support: Watch $2.17 (0.382 Fibonacci) for bullish continuation.
Detailed Price Analysis
Daily Chart Overview
- Wave (5) completion: Followed by an ABC correction targeting $2.00 (0.382 Fibonacci).
- RSI cooling: Exited overbought territory, suggesting bearish momentum easing.
- Current rebound: 7% intraday gain indicates buyer interest.
Hourly Chart Insights
- ABC correction: Wave (c) bottomed at $1.97 before a 13% rebound.
- RSI divergence: Hints at weakening downtrend, but confirmation requires breakout above $2.36.
Support and Resistance Levels
| Level | Price | Importance |
|-------------------|------------|------------------------------------|
| Support | $2.17 | Must hold for bullish continuation |
| | $1.97 | 0.382 Fibonacci (strong backup) |
| | $1.70 | Major retracement zone |
| Resistance | $2.36 | Initial hurdle |
| | $2.90 | Previous peak |
| | $3.20–3.50 | Wave (v) extension target |
FAQs
1. Will XRP drop below $2?
If $2.17** fails as support, a test of **$1.97 is likely. However, the current rebound suggests near-term stability.
2. What’s needed for a new rally?
A breakout above $2.47 (descending triangle boundary) with rising volume could signal upward momentum.
3. How reliable is the Elliott Wave analysis?
Wave patterns provide guidance but require confirmation from price action and volume.
Conclusion
XRP’s next move hinges on $2.17 support**. A breakdown may extend corrections toward **$1.70, while holding support could reignite bids for $2.90. Traders should monitor RSI and volume for confirmation.
Disclaimer: This analysis is informational only. Conduct your own research before trading.
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- **Keywords**: XRP price, Ripple analysis, descending channel, Elliott Wave, support/resistance.