Usman Salis
⬤ XRP just reached a pivotal technical moment after playing out a textbook corrective pattern. Price dropped in a clean A wave down to the 0.382 Fib level, then bounced in a B wave that topped out around $2.11. This follows classic Elliott Wave playbook moves—nothing random about it. The structure screams organized correction rather than chaotic selling.
⬤ Now all eyes are on Wave C's early formation, which should tell us if this correction scenario holds water. Technically speaking, Wave 2 corrections typically get rejected around the 0.618 retracement—that's sitting at $2.26 right now. The chart shows this zone as critical resistance where multiple Fib levels stack up. If price can't push through and hold above $2.26, it confirms XRP's still stuck in correction mode.
⬤ The setup gives us clear lines in the sand. Wave 2 can't make a new local high above $2.41—blow through that and the bearish correction theory dies. As long as price stays under $2.41, the pattern stays alive. A rejection at $2.26 would likely trigger another leg down, with support zones at $2.11 and $2.03 worth watching. Break below those and we're looking at the projected Wave C target near $1.65.
⬤ This matters beyond just XRP because it often moves in sync with broader crypto risk appetite. How price reacts at $2.26 will tell us whether the selling pressure continues or if this whole structure falls apart. With that level closing in fast, XRP's next directional move is about to get decided at resistance.
Usman Salis
