XRP is holding agency on the weekly timeframe regardless of the most recent market-wide drawdown, in accordance with an Elliott Wave roadmap shared by crypto technician Hov (@HovWaves).
On Hov’s Bitstamp-based 1W chart, the present candle sits close to $2.22 with three days and several other hours left to shut, and the construction stays nested inside a higher-time-frame impulse that he counts as wave iii accomplished, wave iv in progress, and a potential wave v aiming materially greater.
Is The XRP Backside In?
The important thing reference band for pullbacks is outlined by Fibonacci retracements measured from the most recent vertical advance. Hov plots the 0.236 retracement at $2.094, the 0.382 at $1.548, the 0.5 at $1.213, and the 0.618 at $0.950.
The worth has damaged right down to the 0.236 neighborhood, probing a turquoise demand field that overlaps the 0.382 ($1.548) on the decrease edge. That zone additionally accommodates the October 10 liquidity occasion wick he highlights round $1.58. In his accompanying notice, Hov stresses that the final rise from that low has solely shaped three waves up to now, leaving room for “another small low on the micro earlier than it’s all mentioned and performed,” whereas including, “I don’t assume it takes out the 1.58 low” and that, due to the wick, “we’re prone to see a truncation on this transfer.”
Associated Studying
The upside map hinges on two resistance landmarks. First is a boxed provide area overhead that caps out just under a labeled swing marker at “0 (3.41159),” successfully framing $3.41 as the ultimate pivot from the prior leg. Extra vital for affirmation, Hov marks “HTF shut above $2.94 is the important thing.” That $2.94 weekly shut is his validation degree that may reassert the impulsive pattern and unlock a measured extension to his first goal.
That concentrate on is express on the chart: the subsequent leg’s goal aligns with the −0.236 extension printed at $5.558. A curved projection path from the present space arcs via the retracement field after which accelerates vertically towards the goal, annotated with a circled “V” on the terminal portion of the transfer and a higher-degree “3” on the dimensions, according to an impulse termination at or close to the extension.
Associated Studying
Context from the left aspect of the chart reveals how structurally vital the bottom has been. A broad turquoise accumulation band anchored across the $0.43 deal with (labeled “1 (0.43128)”) held value all through 2023–2024, previous the breakout that staged the present impulse.
Above that, a second, greater turquoise band spans the 2021 response zone and now acts because the battleground for the current consolidation beneath $3.41. A visual-range profile overlay contained in the consolidation rectangle reveals the heaviest traded exercise towards the left ridge of the vary, underscoring why weekly closes above $2.94 can be decisive.
Hov’s backside line on X mirrors the chart. “XRP holding up exceptionally effectively on this market huge unload,” he wrote, noting the coin stays “nonetheless up 40% off our degree (threaded).” Whereas he permits for a remaining marginal low—with out undercutting $1.58—his roadmap retains a “first goal” close to $5.5, with the caveat {that a} “HTF shut above $2.94 is the important thing.”
At press time, XRP traded at $2.18.
Featured picture created with DALL.E, chart from TradingView.com
