- XRP’s Wave 4 correction is nearing completion, with analysts eyeing a potential Wave 5 rally targeting $6.86 based on Fibonacci levels.
- A breakout above the $1.98 resistance could spark strong bullish momentum, with traders closely watching key price action signals.
- XRP’s consolidation phase is approaching a decisive move, as structured price patterns and market sentiment shape its next trend.
XRP is consolidating above key support while testing resistance. Analysts have identified structured price movements, with Fibonacci levels and Elliott Wave structures shaping the market.
Elliott Wave Analysis and Key Fibonacci Levels
XRP follows an Elliott Wave structure, completing its third wave at $3.3999 before entering a corrective phase. The asset is in Wave 4, forming an A-B-C pattern within the correction. Market analyst Dark Defender pinpointed $2.02 as critical support, aligning with projected correction levels. His analysis defines precise B Wave levels, signaling the correction’s near completion.
Source: Dark Defender
A 2.618 Fibonacci extension places a future target around $6.86, reinforcing expectations for Wave 5. He noted XRP breaking above a downward-sloping resistance, removing a significant barrier.
Market sentiment remains intact, with consolidation expected to resolve within weeks before a potential upward move. His analysis maintains that the Elliott Wave structure remains valid, with Fibonacci levels marking key technical points. Wave 4’s correction is progressing as expected, setting the stage for a rally.
Price Action Observations
XRP is testing major resistance on Binance’s perpetual contract, forming higher lows. The market structure reflects recovery, with volatility driving multiple retests of key levels. Brandon Hong, another prominent market analyst, identified $1.98 as a crucial resistance, with multiple break attempts.
Source: Brandon Hong
He also noted a sharp drop before December 2024, followed by a gradual recovery. His analysis suggests previous support at $0.6376 could act as resistance if XRP extends gains. Buyers are defending lower levels, adding momentum.
A breakout above resistance could trigger further upside, with traders closely monitoring price action. He observed increased volatility, with price swings reflecting market indecision. His findings reinforce that XRP remains in a structured recovery, with traders assessing breakout potential.
XRP’s market structure suggests a critical turning point, with traders watching for a decisive move. Analysts focus on whether buyers can sustain momentum, signaling a potential continuation. Price movements remain structured, with Fibonacci extensions and resistance levels acting as key decision points.
