Saad Ullah
While the broader crypto market has been taking hits lately, XRP is putting up a solid defense.
The Technical Picture
According to Elliott Wave analyst Hov, XRP is still trading roughly 40% above a critical support level identified in earlier analysis—showing real relative strength when other major coins are struggling. The technical setup suggests that once the current consolidation wraps up, XRP could be gearing up for a significant move higher.
The weekly chart shows a textbook Elliott Wave structure with XRP potentially entering the third wave of a new impulse cycle—traditionally the strongest phase. Here are the levels that matter:
- Major support at $1.58 – This Wave (iv) low is expected to hold even if we see another dip. A strong liquidity sweep here makes a truncated low more likely than a deeper drop.
- Breakout trigger at $2.94 – A weekly close above this level would confirm the next leg up and mark the end of consolidation.
- Intermediate resistance at $3.41–$3.55 – This zone lines up with Fibonacci retracements and prior highs, likely to see some friction before the final push.
- Primary target around $5.50 – Based on Fibonacci extensions and the current wave count, this is where the rally could land if momentum holds.
Why This Setup Matters
XRP spent years building a massive base between $0.40 and $0.65—the kind of accumulation that usually leads to explosive moves. The recent breakout and successful retest suggest the structure is intact. Add in growing institutional interest in utility tokens and improving sentiment around Ripple's payment solutions, and you've got a compelling case for upside. If macro conditions keep stabilizing and XRP reclaims $2.94, the road to $5.50 could open up faster than most expect.
Saad Ullah
