XRP has been trading above $1.40 in recent days, buyers are still trying to push forward strength after pulling from the May 10 top. The price of cryptocurrency not broken, but it has also failed to ensure strong continuity. This leaves the hourly chart in the desired position. However, the number of XRP is still valid.
Current currents depend at reasonable prices, which includes whether XRP can hold above support at $1.40 and avoid a break below the key $1.38 swing low.
XRP Pullback Since May 10 Still Looks Right
Technical analysis of XRP price on the 1 hour chart, which written by crypto expert on the social network X, shows that the reduction of May 10 was not a random noise. The main argument in the analysis is that the decline of XRP from the high of May 10 has occurred as a triple movement. This has been done in an ABC format, not the kind of gradual decline of five waves that would lead to change. According to Elliott Wave analysis, the three-wave downtrend is a corrective action, especially when it develops within a larger band and fails to make the initial downtrend.
Collaborative Reading
The current low is around $1.38, and it is now the level that is holding the current wave. This level has also served as an important base for XRP over the past 30 days, making it the base for a short-term setup. A firm hold above $1.38 would make the surge more acceptable, while a break below would weaken the case for another leg higher.
The price of XRP. Source: @Morecryptoonl On X
Prices to Check
The first and most important level to watch is $1.38. This is the bottom line catching current waves instead. Above, the support area near the Fibonacci between $1.40 and $1.42. These trees are important because they capture the inner supporting part of the B-wave. However, this is not a very strong support area, because the B wave can go beyond the Fibonacci level before finding a suitable response.
Collaborative Reading
At the time of writing, XRP is trading at $1.47. On top of that, The first major resistance to watch is near $1.51, which is the point where XRP failed to break after the May 10 high. A daily close above this level would mean that the pullback is over and XRP is starting another rally.
After $1.51, the next levels to watch are around $1.59 and $1.67, before the larger C zone between $1.75 and $1.76 arrives. This is an all purpose based Elliott Wave calculation on XRP prices.
Graphic design by Dall.E, chart from Tradingview.com
