XRP Elliott Wave Analysis Targets a Break Above $0.75 as Market Awaits a Clear Directional Bias

As XRP continues to be a focal point in the market, recent analysis suggests a potential breakthrough if it can surpass critical resistance levels.

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As XRP continues to be a focal point in the market, recent analysis by CryptoInsightUK suggests a potential breakthrough if it can surpass critical resistance levels.

The analysis builds on previous reports presented by the chartist, outlining an Elliott Wave count that could signal significant upward momentum for XRP. Both charts reveal a detailed Elliott Wave analysis, identifying a series of impulsive and corrective waves.

According to the chartist, XRP is in the midst of a complex corrective phase, following a strong impulsive wave that peaked at around $0.65. The wave count shows that XRP has already completed Wave 1 of a five-wave structure, followed by an A-B-C corrective pattern, which represents Wave 2 of the broader five-wave structure.

CryptoInsightUK highlights that the next move depends on XRP’s ability to close above $0.64 and $0.75. A move above $0.64 would validate the continuation of the next impulsive wave, Wave 3. This wave could potentially target higher levels above $0.75.

This move could drive XRP towards the $0.80 mark, a new yearly peak. However, the ongoing correction could persist if XRP fails to breach these key levels and Wave 2 extends.

There is the possibility of a potential double-bottom formation around $0.48, which could act as strong support. If this level fails, XRP might retrace further, testing $0.42.

Meanwhile, XRP boasts multiple pivot points that could act as support or resistance. The primary pivot (P) rests at $0.5545, just below the current price level of $0.5665. This pivot point is crucial as it represents the median price level around which XRP has been oscillating.

Above this pivot, the resistance levels (R1, R2, and R3) are set at $0.5171, $0.5355, and $0.6597, respectively. The R1 level has already been surpassed, with XRP currently hovering just below R2.

A break above R2 would likely lead to a test of R3, aligning with the wave analysis that targets the $0.64 to $0.75 range. If XRP can close above these levels, it could signal a strong bullish continuation.

Conversely, the support levels (S1, S2, and S3) are located at $0.4573, $0.4388, and $0.4089, respectively. The S1 level corresponds closely with the potential double-bottom formation.

A breach of S1 could see XRP testing S2 or even S3, aligning with the bearish scenario of a deeper correction.

Further, with the DMI, the ADX is at 18.56, indicating a weak trend. An ADX below 20 suggests that the market is in a consolidation phase rather than a strong trend.

Meanwhile, the +DI is at 21.25, slightly below the -DI at 22.58. This indicates that the bearish momentum is slightly stronger than the bullish momentum.

However, the proximity of the +DI and -DI suggests that the market could be at a turning point. If the +DI crosses above the -DI, a momentum shift could ensue, potentially leading to a bullish breakout.

Conversely, if the -DI continues to dominate, XRP might face further downward pressure.

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