XRP Eyes $5.5, But The Best Entry Is Still Ahead: | XRP News

XRP is holding firm on the weekly time body regardless of the newest market-wide drawdown, based on an Elliott Wave roadmap shared by crypto technician Hov (@HovWaves).

On Hov’s Bitstamp-based 1W chart, the present candle sits close to $2.22 with three days and a number of other hours left to close, and the construction stays nested inside a higher-time-frame impulse that he counts as wave iii accomplished, wave iv in progress, and a potential wave v aiming materially increased.

Is The XRP Bottom In?

The key reference band for pullbacks is outlined by Fibonacci retracements measured from the newest vertical advance. Hov plots the 0.236 retracement at $2.094, the 0.382 at $1.548, the 0.5 at $1.213, and the 0.618 at $0.950.

The price has damaged down to the 0.236 neighborhood, probing a turquoise demand box that overlaps the 0.382 ($1.548) on the decrease edge. That zone additionally accommodates the October 10 liquidity occasion wick he highlights round $1.58. In his accompanying be aware, Hov stresses that the final rise from that low has solely fashioned three waves up to now, leaving room for “one more small low on the micro before it’s all said and done,” whereas including, “I don’t think it takes out the 1.58 low” and that, as a result of of the wick, “we’re likely to see a truncation on this move.”

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The upside map hinges on two resistance landmarks. First is a boxed provide area overhead that caps out just under a labeled swing marker at “0 (3.41159),” successfully framing $3.41 as the ultimate pivot from the prior leg. More important for affirmation, Hov marks “HTF close above $2.94 is the key.” That $2.94 weekly close is his validation degree that might reassert the impulsive trend and unlock a measured extension to his first goal.

That goal is express on the chart: the following leg’s goal aligns with the −0.236 extension printed at $5.558. A curved projection path from the present space arcs by way of the retracement box after which accelerates vertically towards the goal, annotated with a circled “V” on the terminal portion of the transfer and a higher-degree “3” on the size, per an impulse termination at or close to the extension.

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Context from the left aspect of the chart exhibits how structurally important the bottom has been. A broad turquoise accumulation band anchored across the $0.43 deal with (labeled “1 (0.43128)”) held price all through 2023–2024, previous the breakout that staged the present impulse.

Above that, a second, increased turquoise band spans the 2021 response zone and now acts because the battleground for the current consolidation beneath $3.41. A visual-range profile overlay inside the consolidation rectangle exhibits the heaviest traded exercise towards the left ridge of the vary, underscoring why weekly closes above $2.94 can be decisive.

Hov’s backside line on X mirrors the chart. “XRP holding up exceptionally well on this market wide sell off,” he wrote, noting the coin stays “still up 40% off our level (threaded).” While he permits for a ultimate marginal low—with out undercutting $1.58—his roadmap retains a “first target” close to $5.5, with the caveat that a “HTF close above $2.94 is the key.”

At press time, XRP traded at $2.18.

Featured image created with DALL.E, chart from TradingView.com