XRP remains within a familiar range on the higher time frame, trading just above the 38.2% Fibonacci retracement level—a technical area often associated with wave 4 corrections in Elliott Wave theory. At the time of writing, XRP is down by more than 2% and is trading at $2.20.
The ongoing pullback is interpreted as part of a larger wave 4 correction. From this zone, a further upward move is possible, with chances for XRP to form another higher high. However, a deeper retracement cannot be excluded. In the event of another leg down, support between $1.22 and $1.34 would become the next area to watch.
The $1.21 level remains pivotal. A break below this point would significantly weaken the bullish case, suggesting a shift toward a more bearish outlook.
As long as XRP holds above the current upper support levels, the potential for an upward breakout remains on the table. Possible targets in this scenario include $5.00, $5.65, and even $6.60. While speculative discussions have pointed to the possibility of XRP reaching $10 or more, such projections are considered low-probability outliers without clear structural support at this stage. Any extended fifth wave would be unusual and would require strong confirmation.
XRP has undergone a retracement, with the current price structure appearing unclear and choppy. The recent move up may represent the beginning of a diagonal pattern, following a possible wave 4 low in April.
A minor B-wave correction around April 20 was shallow and may not provide enough structure to confirm the next leg upward. Currently, the price has recovered to approximately $2.16, after briefly dipping below weaker Fibonacci-based support. The more important level to monitor in the short term is $2.12. As long as this level holds, the chances remain for a continuation of the bullish pattern. A break below $2.12 could lead to a reset of the current wave count and signal a larger flat correction.
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