Usman Salis
⬤ XRP has moved deeper to the downside than expected for the potential diagonal structure, but price has not yet produced a higher timeframe close below the key level. As Hov reported, the market is barely holding this support while maintaining the broader structure.
⬤ The wave count has been updated to a sideways combination correction for the larger degree fourth wave. The chart shows a precise reaction at the 50% retracement level before stabilization attempts. A comparable consolidation around major support was recently described in XRP Price Analysis: $XRP Holds $2.00 Support as Market Awaits Breakout where the token traded inside an accumulation range near key support.
⬤ On the lower timeframe, XRP has formed a five wave move from the recent low, unlike many altcoins showing only three wave bounces. According to the outlined scenario, a push toward the $2 area during wave 5 would increase confidence that the low is in place, followed by a three wave retracement into support for confirmation. Similar technical behavior appeared in XRP Tests $2 Support Zone After Months-Long Downtrend, which highlighted weakening selling pressure near the same region.
⬤ The current positioning keeps focus on whether the five wave move continues to develop. If XRP pushes convincingly toward $2 and holds during the subsequent pullback, it would signal that the correction has likely bottomed and the next impulse leg could begin.
Usman Salis
