XRP, recovers upward wave..."It was a correction, not a decline"

▲ XRP/AI Generated Image

XRP barely maintained the validity of its short-term upward wave by not collapsing below $1.40.

According to NewsBTC on May 15 (local time), XRP underwent a correction after its May 10 high but has not yet confirmed a strong downtrend reversal. The wave count based on the 1-hour chart remains valid, and the key points are maintaining the $1.40 support level and whether the $1.38 swing low will be broken.

Crypto analyst More Crypto Online, who shared his analysis on X (formerly Twitter), analyzed that XRP's decline after the May 10 high was not a random sell-off but an ABC corrective structure composed of three waves. In Elliott Wave analysis, a three-wave decline has a stronger corrective nature than a five-wave impulsive decline, which signals a trend reversal.

The key price level to maintain the current wave count is $1.38. This level has served as a major bottom for XRP over the past 30 days and has been presented as the foundation for the short-term structure. If XRP holds above $1.38, the bullish wave count remains valid, but if it breaks this level, the reliability of further upside scenarios weakens.

The short-term support zone is the Fibonacci range between $1.40 and $1.42. This price level was mentioned as an internal B-wave support area, but analysis suggests it's difficult to consider it the strongest support because the B-wave can temporarily penetrate the Fibonacci zone before creating a reaction. On the upside, $1.51 is the first key resistance level. If XRP forms a daily close above this level, it could be interpreted as a signal for the end of the correction and the start of a new upward phase.

After breaking $1.51, $1.59 and $1.67 become the next price levels to watch. The target range for a larger C-wave is then presented as $1.75 to $1.76. The XRP market has entered a compressed zone where it will determine its direction between defending $1.38 and breaking $1.51, and the short-term wave structure still leaves open the possibility of a renewed uptrend.

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