The XRP price structure is currently lacking a definitive bullish signal, raising concerns about the sustainability of the current range and the possibility of another downward movement. Crypto analyst Hov has presented a comprehensive Elliott Wave count on X. This analysis pinpoints the current price position and outlines the necessary movements in the upcoming sessions to prevent a significant breakdown. Crypto analyst Hov highlighted that the XRP price movement from the recent lows does not exhibit the impulsive strength that traders typically seek during a reversal. Hov’s chart, plotted on the weekly timeframe, outlines a broad Elliott Wave sequence that starts from XRP’s 2018 cycle peak, moves through the corrective lows of 2019/2020, rebounds during the 2021 bull cycle, and extends into the present configuration.
The analyst’s observation is noteworthy: the XRP price action from the recent swing low is forming a sequence of threes, rather than a straightforward five-wave impulsive structure. According to Elliott Wave theory, a sequence consisting of three-wave moves is inherently corrective. The implication here is that the prevailing trend might not have completely reversed, suggesting that the price could still be reacting to a broader downward cycle. Earlier expectations indicated that XRP was set to advance into a fifth wave from the lows, signaling bullish intent. The anticipated move has yet to materialize. While the price structure remains corrective, there are inherent risks of further downward movement.
XRP has been trading within a range of $1.30 to $1.35 over the past few days. This zone has served as a crucial pivot in the latest price movements, and a breach could trigger a more significant decline. Hov specifically cautioned that a higher timeframe beneath this support would elevate the chances of a breakdown. The 12-hour chart reveals a more pronounced support zone near the $1.15 mark, anchored by the 0.5 Fibonacci retracement level. If the current level fails, that area becomes the next logical target. The bullish scenario still has potential to unfold, but the opportunity is closing in. “That doesn’t mean we can’t recover it just means we gotta do it quickly because we are just barely holding our key level on HTF,” Hov stated.
The significant higher-timeframe level is evident on the chart, marked by the lower boundary of an expansive cyan support zone ranging from $1.45 to $1.70. The bullish scenario remains intact as long as the XRP price stays above the sub-wave 1 high from mid-2023, approximately $0.88. The initial and more immediately optimistic scenario necessitates XRP to regain the white box at $1.50 and secure a higher-timeframe close above this level. A sustained close above this zone could trigger price action towards $1.80.