XRP (Ripple) - Upside Breakout Ahead? Elliott Wave Analysis

Summary

In this XRP update, the focus is on short-term price action within the 4-hour chart, following up on the longer-term analysis from the previous day. Key resistance levels lie at 66-67 cents, with micro resistance at 74-75 cents. The price recently bounced off a crucial Fibonacci extension support zone around 48.9 cents. The broader outlook suggests an upward ABC structure targeting between $1.26 and $1.89, but the November low at 48-49 cents must hold for this bullish scenario to remain valid. Short-term targets include 83.8 cents, with a potential pullback before further upside momentum.

Takeaways

• 😀 XRP's price has moved slightly higher since yesterday, but hasn't shown a substantial breakout yet.
• 😀 The price recently reacted to a Fibonacci extension zone starting at 48.9 cents, touching it twice.
• 😀 The key resistance range for XRP is between 66–67 cents, and a sustained breakout above this range is needed.
• 😀 Another significant resistance level lies around 74–75 cents, but this level hasn't been broken either.
• 😀 The larger market structure is seen as an ABC structure, indicating potential upward movement in waves.
• 😀 Target zones for potential upward movement include 1.26 USD to 1.89 USD, with intermediate targets around 83 cents and 1.17 USD.
• 😀 The November low at 48–49 cents is a critical level for XRP; any break below this would invalidate the bullish outlook.
• 😀 A micro support zone is located between 60 and 63 cents, important for short-term price action.
• 😀 If XRP breaks above the 74–75 cent resistance, the next target zone is around 83.8 cents, followed by 95 cents.
• 😀 The price needs to hold above the November low for the bullish structure to remain intact, as long as the price stays above that level, upward movement is still possible.

Q & A

What is the primary focus of this video update about XRP?

The primary focus is on XRP's price movement on the 4-hour chart, providing an overview of shorter-term price action and key support and resistance levels.

Why is the previous day's video still relevant according to the speaker?

The previous day's video is still relevant because it covered the larger time frame analysis, and even though the price has moved slightly higher, it hasn't changed much, making the previous video still applicable.

What significant support zone is mentioned in the video?

A significant support zone mentioned is the Fibonacci extension zone, starting at around 48.9 cents. XRP reacted to this level twice, showing some movement.

What resistance level does the speaker highlight for XRP's price action?

The speaker highlights a resistance zone between 66-67 cents, which has not been broken yet. The price has struggled to sustain any movement above this level.

What is the speaker's view on XRP's price breakout?

The speaker believes that the recent price movement is not a substantial breakout. There have been small movements above key resistance levels, but no sustained break above critical levels like 66-67 cents.

How does the speaker describe the long-term chart structure for XRP?

The long-term chart shows a large triangle structure, with XRP attempting to break above key levels but failing to maintain a sustained breakout. The speaker uses this chart to gauge bullish or bearish momentum.

What are the target zones for XRP in the potential ABC structure?

The speaker mentions that XRP could target $1.26 to $1.89, with intermediate target zones ranging from 83 cents to 1.17, depending on the unfolding price action.

Why is the November low important for XRP's price movement?

The November low, around 48-49 cents, is crucial for validating the potential for an upward C-wave in XRP's price. If the price drops below this low, it would invalidate the bullish scenario.

What is the significance of the micro support zone between 60-63 cents?

The micro support zone between 60-63 cents is important because, as long as XRP holds above this level, it could potentially develop a bullish impulse in wave C of an ABC structure.

What does the speaker expect if XRP breaks above the micro resistance at 74-75 cents?

If XRP breaks above the micro resistance at 74-75 cents, the next target zone would be around 83.8 cents, with further potential moves to 95 cents depending on the micro structure developing at that time.