XRP has been trading above $1.40 in recent days, with buyers still trying to build on momentum after the pullback from the May 10 high. The cryptocurrency hasn’t broken down, but it also hasn’t confirmed a stronger upward move. This puts the 1-hour chart at a key point. Still, the current wave count for XRP remains valid. It now depends on important price levels, especially whether XRP can hold above support at $1.40 and avoid falling below the key swing low of $1.38.
The pullback from May 10 still looks like a correction. A technical analysis of XRP’s price action on the 1-hour chart, shared by a crypto analyst on X, shows that the decline from the May 10 high isn’t just random noise. The main idea is that this decline has taken shape as a three-wave move, forming an ABC structure rather than the five-wave impulsive drop that would signal a trend reversal. According to Elliott Wave theory, three-wave declines are corrective patterns, especially when they happen within a larger range and don’t break below the previous swing low.
The key swing low is currently around $1.38, and it’s the level holding the current wave count together. This level has also acted as an important floor for XRP over the past 30 days, making it the structural base of the short-term setup. If XRP stays above $1.38, the bullish wave count remains valid. But if it breaks below, the case for another move higher weakens.
As for price levels to watch, the most important is $1.38, the swing low that supports the current wave count. Above that, the nearest support area is between $1.40 and $1.42, based on Fibonacci levels. These prices matter because they cover the internal B-wave support zone. However, this isn’t the strongest support, since B-waves can sometimes move through Fibonacci levels before finding a proper reaction.
At the time of writing, XRP is trading at $1.47. On the upside, the first major resistance to watch is around $1.51, the same area XRP couldn’t hold above after the May 10 high. A daily close above this level would mean the pullback is over and XRP is starting another rally. After $1.51, the next levels to watch are around $1.59 and $1.67, before the larger projected C zone between $1.75 and $1.76 comes into view. These targets are all based on Elliott Wave counts of XRP’s price action.
Frequently Asked Questions
Here is a list of FAQs based on the statement The XRP wave count is still valid Here are the key levels to keep an eye on
BeginnerLevel Questions
1 What does wave count mean in crypto
Its a method from Elliott Wave Theory that tries to predict price movements by identifying repeating patterns in the market Think of it like reading a price charts rhythm to guess where it might go next
2 Why is it important that the wave count is still valid
It means the predicted pattern hasnt broken yet If the price stays within expected levels the original forecast is still on track If it breaks the prediction is wrong
3 What are key levels I should watch
These are specific price points where XRP might bounce break through or reverse They act like support or resistance zones
4 How do I use these levels to trade
If XRP hits a support level you might buy
If it hits a resistance level you might sell
A break above resistance could signal a rally a break below support could signal a crash
5 Is this a guarantee that XRP will go up
No Wave counts are just educated guesses Markets can change suddenly due to news or panic selling Always use stoplosses
IntermediateLevel Questions
6 How often do wave counts become invalid
Fairly often In choppy or sideways markets counts can break within hours In trending markets they can last weeks Most traders expect 1 in 3 counts to hold
7 What happens if the wave count breaks
You need to recount from the most recent price action For example if XRP drops below a key support that was supposed to hold the original wave pattern is scrapped and a new one is drawn
8 Can you give an example of a key level for XRP right now
Hypothetically if the current count says wave 4 is ending the key level might be