- XRP holds support at $1.818 as Wave 4 correction nears final phase.
- Bullish breakout projected if volume strengthens above key resistance levels.
- Head and shoulders breakdown signals pressure unless buyers reclaim $2.00.
XRP’s price movement follows an Elliott Wave pattern, indicating a corrective phase before the next upward move. The market currently consolidates within Wave 4, aligning with technical projections of a sustained bullish trajectory.
Elliott Wave Analysis and Key Levels
XRP’s price structure aligns with a five-wave Elliott Wave formation, suggesting a well-defined market cycle. The asset remains in Wave 4, undergoing an expected correction before the next impulsive movement.
Technical projections outline a significant support level around $1.818, aligning with the 1.618 Fibonacci retracement level. A breakout from this consolidation zone may confirm a continuation toward the next bullish phase.
Dark Defender has analyzed the ongoing wave structure, highlighting that XRP completed its third wave at $3.3999 before entering the current correction. According to Dark Defender, the corrective phase aligns with the anticipated Wave 4 dip, previously set with a precise target of $2.02.
Source: Dark Defender
He noted that the pattern remains intact, with the correction nearing completion within weeks. The XRP price is following its expected trajectory, with targets remaining unchanged. His analysis suggests that the market structure supports further gains once consolidation concludes.
He also referenced a Fibonacci extension projection that had a potential Wave 5 target at the 261.8% level of approximately $6.8659. Dark Defender’s opinion emphasized that XRP enjoys a strong bullish position as far as major support levels are concerned. Volume trends confirm the likelihood of an imminent breakout.
Head and Shoulders Pattern Signals Market Shift
Technical indicators suggest that XRP recently completed a head and shoulders pattern, a formation often associated with trend reversals. The price action confirms a shift in market dynamics, with selling pressure influencing recent movements.
Ali Martinez has identified a breakout from the head and shoulders pattern, projecting a potential price movement toward $1.30. According to Martinez, XRP established a neckline at the $2.00 level, which previously acted as support before the price broke downward.
Source: Ali Martinez
Ali noted that the pattern suggests increased bearish sentiment unless buying pressure strengthens. He added that market conditions indicate sellers currently maintain control over price action. His analysis points to a continuation of the downtrend if buyers fail to reclaim key resistance levels.
At the time of analysis, XRP traded at $1.9938, reflecting a 1.35% decline. Historical price behavior indicates prior attempts to hold above the neckline, but further declines could follow if sellers maintain control. Martinez noted that the price remains below critical resistance levels, reinforcing the ongoing bearish structure.
