Key Takeaways
XRP has been navigating a corrective structure within a broader Elliott Wave cycle, with the daily chart reflecting a prolonged consolidation phase.
Meanwhile, the 1-hour chart suggests a potential breakout scenario, aligning with bullish Fibonacci extensions. The analysis below explores the current price action, key levels, and potential future movement.
XRP Price Analysis
On the daily chart, XRP has completed an impulsive five-wave sequence and is currently undergoing a corrective phase.
Since the $3.40 peak, the price has formed a descending channel, which typically signals a potential reversal.
On March 11, a notable bounce from the $1.95 support zone resulted in a nearly 30% recovery.
This recovery was halted by the descending channel resistance around $2.45 as the price was rejected on March 15.
Since then, the price has been trending downward, but this could only be a temporary pullback before a decisive breakout.
Elliott Wave labeling suggests that the corrective WXY structure is reaching its final stages, potentially leading to a new impulsive cycle.
The price has been consolidating within the structure, with a key resistance level at $2.57, which aligns with previous structural highs.
A break above this level would confirm a bullish breakout, targeting the next major resistance around $3.00.
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The Relative Strength Index (RSI) remains neutral, indicating neither overbought nor oversold conditions. This suggests that XRP is in a critical accumulation phase, awaiting a decisive breakout. If buyers maintain control, the price could push towards higher levels. However, a rejection at resistance could result in further range-bound movement before a definitive breakout.
XRP Price Prediction
The one-hour chart highlights a potential bullish reversal scenario within the Elliott Wave framework.
The recent corrective decline appears to have developed a wave 2 pullback, with an upcoming wave 3 targeting Fibonacci extensions.
The short-term retracement found support at the 0.618 level near $2.13, reinforcing the potential for an upward move.
A decisive break above $2.31 (0.236 retracement) would confirm the start of wave 3, with projected targets at $2.71 (1.0 extension) and $3.03 (1.618 extension). If momentum sustains, the price could reach $3.23 (2.0 extension), completing the wave structure.
Conversely, failure to hold above $2.05 (0.786 retracement) would invalidate the bullish thesis, opening the door to a further downside towards $1.95.
The RSI on the 1-hour timeframe is recovering from oversold conditions, supporting the potential for renewed upside momentum.
XRP is at a pivotal moment, with a potential breakout on the horizon. If the price successfully breaches resistance, the next bullish cycle could begin, with Fibonacci extensions offering clear upside targets.
Key Levels to Watch
- Immediate Resistance: $2.31 (0.236 Fibonacci retracement).
- Key Resistance: $2.57 (structural breakout level).
- Major Resistance: $3.00 (previous high).
- Immediate Support: $2.13 (0.618 Fibonacci retracement).
- Critical Support: $1.95 (descending wedge bottom).
- Short-Term Target for Wave (iii): $3.03 if momentum sustains.
- Invalidation Zone: Below $1.95, signaling extended downside.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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