XRP is navigating a prolonged correction following its explosive five-wave advance toward the $3.38 mark.
The recent price structure shows contraction within a broad descending wedge, with the current leg pointing toward the final stages of a WXY correction.
Price action remains within a high-volatility zone, testing key Fibonacci and structural levels.
XRP Price Analysis
The 4-hour chart reveals that XRP is locked within a large descending wedge following its January high of $3.38.
The asset has traced a corrective WXY pattern, with the current leg (Wave Y) likely unfolding.
On March 11, it fell to the significant horizontal support around $2, after which it started to recover, reaching a high of $2.58 on March 19.
It got rejected at the descending resistance, causing a downward impulse and losing 11%.
The price is below the 0.382 Fibonacci retracement at $2.22 and is still downward.
This area has repeatedly acted as a pivot, but the current breakdown suggests a downtrend continuation, with no bullish divergence evident yet on the Relative Strength Index (RSI).
RSI is nearing the oversold zone on the 4-hour chart, but no signs of reversal are confirmed yet.
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The broader structure implies that this may be the final bearish leg before a potential macro pivot—possibly near the 0.5 or 0.618 retracements at $1.93 and $1.59, respectively.
XRP Price Prediction
On the 1-hour chart, XRP’s internal wave count within the ongoing Wave (C) suggests developing a clear five-wave impulsive structure.
Subwaves i and ii are already in place, and subwave iii appears to be extending lower as bearish momentum accelerates beneath $2.23.
The wedge breakdown reinforces this count, with wave iv likely to offer only a temporary bounce before wave v completes the sequence.
If this Elliott structure holds, the final wave v could drive XRP toward $1.95 (0.5 Fib), where strong historical demand and key retracement confluence meet.
Deeper capitulation could extend toward the 0.618 level near $1.59, marking the bottom of the entire WXY corrective sequence.
RSI on the 1-hour chart is currently oversold, which may prompt a brief relief rally toward $2.23–$2.30.
However, unless the rice reclaims the descending trendline and confirms above $2.58 (local resistance and 0.236 Fib), the bearish structure remains intact.
The critical decision zone lies between $1.93 and $1.59. A strong bounce here would complete the triple corrective sequence and potentially launch a new bullish cycle.
Until then, the downside remains the dominant risk.
Key Levels to Watch
- Immediate Resistance: $2.23 (0.382 Fibonacci retracement).
- Secondary Resistance: $2.577 (0.236 Fibonacci retracement).
- Major Resistance: $2.698 (top of last corrective wave (b)).
- Immediate Support: $1.95 (0.5 Fibonacci retracement).
- Key Support: $1.59 (0.618 Fibonacci retracement).
- Critical Support: $1.10 (0.786 retracement – last resort support).
- Short-Term Target for Wave (C)v: $1.93 to $1.59 zone.
- Invalidation Zone: Break above $2.58 negates bearish impulse scenario.
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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