XRP Eyes $5.5, But The Best Entry Is Still Ahead: | Crypto News
XRP is holding firm on the weekly time body despite the latest market-wide drawdown, according to an Elliott Wave roadmap shared by crypto technician Hov (@HovWaves).
On Hov’s Bitstamp-based 1W chart, the current candle sits close to $2.22 with three days and a number of hours left to close, 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 increased.
Is The XRP Bottom In?
The key reference band for pullbacks is outlined by Fibonacci retracements measured from the latest 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 price has damaged down to the 0.236 neighborhood, probing a turquoise demand box that overlaps the 0.382 ($1.548) on the decrease edge. That zone also comprises the October 10 liquidity event wick he highlights around $1.58. In his accompanying notice, Hov stresses that the last rise from that low has only shaped three waves to date, leaving room for “one more small low on the micro before it’s all said and done,” while including, “I don’t think it takes out the 1.58 low” and that, because of the wick, “we’re likely to see a truncation on this move.”
The upside map hinges on two resistance landmarks. First is a boxed provide area overhead that caps out just below a labeled swing marker at “0 (3.41159),” successfully framing $3.41 as the ultimate pivot from the prior leg. More important for affirmation, Hov marks “HTF close above $2.94 is the key.” That $2.94 weekly close is his validation stage that would reassert the impulsive pattern and unlock a measured extension to his first goal.
That goal is express on the chart: the next leg’s goal aligns with the −0.236 extension printed at $5.558. A curved projection path from the current space arcs through the retracement box and then accelerates vertically toward the goal, annotated with a circled “V” at the terminal portion of the transfer and a higher-degree “3” on the dimensions, constant with an impulse termination at or close to the extension.
Context from the left aspect of the chart reveals how structurally important the bottom has been. A broad turquoise accumulation band anchored around the $0.43 deal with (labeled “1 (0.43128)”) held price throughout 2023–2024, previous the breakout that staged the current impulse.
Above that, a second, increased turquoise band spans the 2021 response zone and now acts as the battleground for the current consolidation beneath $3.41. A visual-range profile overlay inside the consolidation rectangle reveals the heaviest traded exercise toward the left ridge of the vary, underscoring why weekly closes above $2.94 could be decisive.
Hov’s backside line on X mirrors the chart. “XRP holding up exceptionally well on this market wide sell off,” he wrote, noting the coin stays “still up 40% off our level (threaded).” While he permits for a closing marginal low—without undercutting $1.58—his roadmap retains a “first target” close to $5.5, with the caveat that a “HTF close above $2.94 is the key.”
At press time, XRP traded at $2.18.
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