The XRP price structure is not showing clear bullish signs, raising doubts about whether the current range will hold or if another decline is ahead. Crypto analyst Hov, who tracks XRP on weekly charts, shared a detailed Elliott Wave analysis on X, outlining where the price currently stands and what it needs to do in the near term to avoid a deeper drop.
XRP Wave Structure Suggests Caution
Hov noted that XRP’s recent recovery from lows lacks the strong, impulsive momentum traders typically see during a reversal. His weekly chart traces an extended Elliott Wave pattern starting from XRP’s 2018 peak, through the 2019/2020 lows, across the 2021 bull run, and into the current setup.
The analyst observed something notable: XRP’s recent upward moves from the swing low are forming a series of three-wave patterns, not a clear five-wave impulsive structure. In Elliott Wave terms, three-wave moves are corrective, suggesting the dominant downtrend may not have fully reversed and that price could still be influenced by a larger downward cycle.
Earlier expectations were for XRP to form a fifth wave off the lows to confirm bullish momentum, but that hasn’t happened. As long as the price structure remains corrective, the risk of further downside persists.
Key Levels to Monitor
Currently, XRP has been trading between $1.30 and $1.35, a pivotal zone in recent price action. A breakdown below this support could lead to a deeper decline. Hov warned that a sustained loss of this level on higher timeframes would increase the likelihood of a breakdown.
The 12-hour chart points to another support area around $1.15, based on the 0.5 Fibonacci retracement level. If current support fails, this becomes the next likely target.
A bullish outcome is still possible, but time is running short. “That doesn’t mean we can’t recover—it just means we have to do it quickly because we are just barely holding our key level on higher timeframes,” Hov explained.
That critical higher-timeframe level is marked on the chart as the lower edge of a broad cyan support zone between $1.45 and $1.70. For the bullish scenario to remain valid, XRP must stay above the sub-wave 1 high from mid-2023, around $0.88.
A more immediate bullish signal would require XRP to reclaim the $1.50 level (marked as a white box) and secure a sustained close above it on higher timeframes. Achieving this could propel the price toward $1.80.
Frequently Asked Questions
Frequently Asked Questions About XRPs Price
BeginnerLevel Questions
Q1 Why is XRPs price dropping
A XRPs price can drop for many reasons including overall market downturns negative news regulatory uncertainty or simply a shift in investor sentiment away from the asset
Q2 Will XRP go to zero
A While any cryptocurrency carries risk its highly unlikely XRP will go to zero Its a major digital asset with a large established company behind it realworld banking partnerships and a dedicated community However significant price declines are possible
Q3 What does key levels to monitor mean
A These are specific price points on a chart that traders watch closely They often act as barrierssupport or resistance If the price breaks through these levels it can signal the next major move
Q4 Is now a good time to buy XRP
A This is personal and depends on your risk tolerance and strategy Some see a large drop as a buying opportunity while others wait for a clear trend reversal Never invest more than you can afford to lose and consider dollarcost averaging to reduce risk
Q5 How does the SEC lawsuit affect XRPs price
A It creates major uncertainty Positive legal developments can cause sharp price increases while negative rulings or delays can lead to selloffs The price is often volatile around key court dates and announcements
Intermediate Advanced Questions
Q6 What are the most important support levels to watch if XRP keeps falling
A Traders typically watch previous lows where the price has bounced before Key historical support zones are often around 045 050 and 035 040 A sustained break below these could signal a deeper correction
Q7 What is a death cross and is XRP showing one
A A death cross is a chart pattern where the 50day moving average crosses