Resistance levels are around $2.20 (0.5 Fibonacci) and $2.28 (0.382 Fibonacci), while support is around $1.90 (0.618 Fibonacci). A confirmed breakout from the descending triangle could trigger the next major move, either up towards resistance or down towards lower Fibonacci retracement levels.
The hourly XRP chart highlights the continuation of the corrective phase with a detailed breakdown of the Elliott Wave count within wave Y. The (v) wave of the last C leg appears to be nearing completion as the price crosses the crucial support zone within the descending triangle pattern.
A strong recovery could occur if the price remains above the green support zone near $1.90 (0.618 Fibonacci). Conversely, a breakdown below this critical level could intensify selling pressure and push XRP towards $1.64 (0.786 Fibonacci). The RSI remains subdued, indicating limited bullish momentum unless there is a significant market catalyst.
Scenarios indicate that a breakout from the descending triangle could propel XRP to an upside target of $2.20 (0.5 Fibonacci) and $2.28 (0.382 Fibonacci). Alternatively, the inability to hold the $1.90 support could result in a bearish continuation, potentially pushing the price towards $1.64 or lower.
Important levels to watch
- Support: $1.90 (0.618 Fibonacci), $1.64 (0.786 Fibonacci).
- Resistance: $2.03 (triangle resistance), $2.20 (0.5 Fibonacci), $2.28 (0.382 Fibonacci).
- Critical zone: $1.90-$1.64 for potential trend reversal or continuation.
- Bearish target: Below $1.90, the next support level is $1.64.
- Bullish potential: A breakout above USD 2.20 could accelerate bullish momentum towards USD 2.28.
Stellar (XLM) Elliot Wave Analysis
The 4-hour XLM chart illustrates a falling wedge pattern that follows an impulsive Elliott Wave structure that peaked in wave (v) at $0.64 on November 23. The correction forms an ABCDE structure within the wedge, indicating a consolidation phase.