XRP Price Analysis: Sideways Movement Persists
XRP is currently trading in a sideways range, with a slight upward movement overnight. However, it has not yet surpassed the previous swing high of 54.6 cents. If XRP fails to break above this level, the theory that a fifth wave downward has begun remains valid.
Elliot Wave Chart Analysis:
The price action suggests a potential one-two setup leading into a downward wave five. Wave four might extend a bit higher, as the price hasn’t reached the 38.2% Fibonacci retracement level. As long as XRP stays below the recent swing high, the onset of wave five to the downside could still be in play. Confirmation of this would require a break below the wave one low at 52.1 cents, established on October 5.
Key Price Levels To Watch:
A bearish flag formation is evident, which could evolve into a broader channel if the price action continues. The immediate resistance level is around 57.8 cents, but if wave four extends significantly, a larger corrective wave could form. Ideally, wave four should not exceed 56.4 cents; a breakout beyond this threshold might indicate a more complex correction pattern unfolding.
If the price rises above initial resistance, a bullish scenario could emerge. However, challenges exist as there is little evidence to suggest a definitive bottom for wave two. The current price action does not support a breakout at this time.
Anticipated Breakout Timing:
XRP has remained within a defined range, with recent momentum hinting at a potential upswing. However, the sell-off from early October weakens this outlook, supporting the idea of further declines. The most likely scenario is a continued downward movement, possibly targeting levels around 49 cents or even 45 cents to complete wave B before a new attempt at an upward impulse.