Resistance levels are identified near $2.20 (0.5 Fibonacci) and $2.28 (0.382 Fibonacci), while support lies around $1.90 (0.618 Fibonacci). A confirmed breakout from the descending triangle could trigger the next significant move, either upward toward resistance or downward toward 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 final C-leg appears to be nearing completion, as the price approaches the crucial support zone within the descending triangle pattern.
A strong rebound could occur if the price holds above the green support zone near $1.90 (0.618 Fibonacci). Conversely, a breakdown below this critical level may intensify selling pressure and push XRP toward $1.64 (0.786 Fibonacci). The RSI remains subdued, signaling limited bullish momentum unless there is a significant market catalyst.
Scenarios indicate that a breakout from the descending triangle could propel XRP to upward targets of $2.20 (0.5 Fibonacci) and $2.28 (0.382 Fibonacci). Alternatively, a failure to maintain the $1.90 support could result in a bearish continuation, potentially driving the price toward $1.64 or lower.
Key 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: Breakout above $2.20 may accelerate bullish momentum toward $2.28.
Stellar (XLM) Elliot Wave Analysis
The 4-hour XLM chart illustrates a descending wedge pattern following an impulsive Elliott Wave structure that peaked in wave (v) at $0.64 on Nov. 23. The correction is forming an ABCDE structure within the wedge, indicating a phase of consolidation.
