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

▲ XRP/AI Generated Image

XRP managed to barely maintain the validity of its short-term upward wave by not collapsing above $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 bearish reversal. The wave count based on the 1-hour chart remains valid, and the key points have narrowed down to maintaining the $1.40 support level and whether the $1.38 swing low is broken.

Cryptocurrency analyst More Crypto Online, who published an analysis on X (formerly Twitter), analyzed that XRP's decline after its May 10 high was not a random sell-off but an ABC corrective structure consisting of three waves. In Elliott Wave analysis, a three-wave decline is more corrective in nature than a five-wave impulse decline, which signals a trend reversal.

The key price level to maintain the current wave count is $1.38. This area has served as XRP's main bottom over the past 30 days and has been presented as the basis for the short-term structure. If XRP holds above $1.38, the bullish wave count remains valid, but if it breaks below this level, the reliability of further upward 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 line 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 entry into a new upward phase.

After breaking $1.51, $1.59 and $1.67 become the next price levels to watch, respectively. The target zone for a larger C-wave is then suggested to be between $1.75 and $1.76. The XRP market has entered a compressed zone where its direction will be determined between defending $1.38 and breaking $1.51, and the short-term wave structure still leaves room for a resumption of the uptrend.

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