XRP Eyes $5.5, But The Best Entry Is Still Ahead: Analyst

XRP is holding agency on the weekly timeframe regardless of the newest market-wide drawdown, based on an Elliott Wave roadmap shared by crypto technician Hov (@HovWaves).

On Hov’s Bitstamp-based 1W chart, the present candle sits close to $2.22 with three days and several other hours left to shut, and the construction stays nested inside a higher-time-frame impulse that he counts as wave iii accomplished, wave iv in progress, and a potential wave v aiming materially increased.

Is The XRP Backside In?

The important thing reference band for pullbacks is outlined by Fibonacci retracements measured from the newest vertical advance. Hov plots the 0.236 retracement at $2.094, the 0.382 at $1.548, the 0.5 at $1.213, and the 0.618 at $0.950.

The value has damaged all the way down to the 0.236 neighborhood, probing a turquoise demand field that overlaps the 0.382 ($1.548) on the decrease edge. That zone additionally incorporates the October 10 liquidity occasion wick he highlights round $1.58. In his accompanying be aware, Hov stresses that the final rise from that low has solely shaped three waves to this point, leaving room for “yet another small low on the micro earlier than it’s all mentioned and finished,” whereas including, “I don’t assume it takes out the 1.58 low” and that, due to the wick, “we’re prone to see a truncation on this transfer.”

Associated Studying

The upside map hinges on two resistance landmarks. First is a boxed provide area overhead that caps out just under a labeled swing marker at “0 (3.41159),” successfully framing $3.41 as the ultimate pivot from the prior leg. Extra essential for affirmation, Hov marks “HTF shut above $2.94 is the important thing.” That $2.94 weekly shut is his validation degree that may reassert the impulsive development and unlock a measured extension to his first goal.

That concentrate on is specific on the chart: the following leg’s goal aligns with the −0.236 extension printed at $5.558. A curved projection path from the present space arcs by the retracement field after which accelerates vertically towards the goal, annotated with a circled “V” on the terminal portion of the transfer and a higher-degree “3” on the dimensions, in step with an impulse termination at or close to the extension.

Associated Studying

Context from the left facet of the chart reveals how structurally essential the bottom has been. A broad turquoise accumulation band anchored across the $0.43 deal with (labeled “1 (0.43128)”) held worth all through 2023–2024, previous the breakout that staged the present impulse.

Above that, a second, increased turquoise band spans the 2021 response zone and now acts because the battleground for the current consolidation beneath $3.41. A visual-range profile overlay contained in the consolidation rectangle reveals the heaviest traded exercise towards the left ridge of the vary, underscoring why weekly closes above $2.94 can be decisive.

Hov’s backside line on X mirrors the chart. “XRP holding up exceptionally properly on this market broad unload,” he wrote, noting the coin stays “nonetheless up 40% off our degree (threaded).” Whereas he permits for a ultimate marginal low—with out undercutting $1.58—his roadmap retains a “first goal” close to $5.5, with the caveat {that a} “HTF shut above $2.94 is the important thing.”

At press time, XRP traded at $2.18.

Featured picture created with DALL.E, chart from TradingView.com