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XRP stands at a fateful Elliott Wave test zone of $2.82, possible resistance, and may soar to $10 or plunge to a buying zone of $1.35.
XRP is in a very important Elliott Wave zone, stuck between resistance at $2.82 and possible support at around $1.35. The point can determine whether the cryptocurrency will result in a significant rally or an ultimate wave down before gearing up once again.
The recent technical analysis shows that XRP is having difficulty in breaking and maintaining above 2.82 on Binance, which forms the resistance level and fits the Wave 4 highs of the Elliott Wave theory.
Price is in testing mode of the Wave 4 highs as market observers CasiTrades noted on X. This opposition is holding back another wave, which is completely justifiable.
Source: X CasiTrades
Until this level is decisively broken, XRP is likely to experience another dip that will mark the Wave 2 macro correction.
This correctional wave may drive XRP between 1.35 and 1.46, which the 0.618 Fibonacci retracing numbers reinforce, forming a high-belief buying zone as per the market trends.
The existing price range suggests a presence of sell pressure and a consolidation stage because the absence of a V-shaped recovery implies reluctance among sellers.
The range band activity of the XRP allows one to expect a final down wave followed by a strong following wave up.
The decline to $1.35 is not an alarm to sound. Rather, it is developing as a strategic accumulation region that could create the groundwork for a sharp bullish push.
According to Elliott Wave forecasts, the XRP may soon experience an upsurge of Wave 3 that will push the market up to $6.50 and even higher to $10 in case the market turns to resist it and breaks through the resistance of $2.82.
The past price action and seven-year consolidation period before the previous bull rushes support the chances of wild upside after these levels have been cleared.
The support observed at the price range of 1.88 and 1.35 repeats the good buying interest that will support a huge bullish thrust.
Price quirks that are exchange-specific make the analysis even harder as the Binance liquidation wicket went down to 0.77, with Coinbase charts reflecting less drastic declines.
It is recommended that traders adhere to the exchange they trade most often because discrepancies influence the number of waves and how they interpret prices.
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