XRP Stalls below key resistance, but setting alignment for elliott wave completion
XRP is showing signs of hesitation after a strong recovery, struggling to push past key resistance levels. The recent price action fits well within the Elliott Wave pattern, suggesting the market may be entering its final consolidation phase before the next big move.
The market after the storm
Casitrades, in the latest market update, explained that following Friday’s WARD that opened the Wipeout, prices managed to rise surprisingly, but that momentum now seems to be losing steam. According to analysts, such missiles are natural after a strong movement. In Elliott wave theory (ewt), this type of slowdown acticles with wave 4, the stage where the market consolidates before preparing for the final force wave.
The analysis emphasized that markets rarely crash directly after a 3rd wave decline. Instead, they usually complete a tired wave 5 move to wrap up the cooldown cycle before starting a new one. However, Casitrade notes that the market has not shown the kind of strength needed to lower the final Pip.
The price action is currently full of wave 4 resistance levels. If the market had truly recovered, it should have cleared the $2.82 resistance mark with strong momentum, but that has yet to happen. Given these conditions, the analyst believes that the market may need one round down to eliminate selling pressure and reset sentiment.
Market data chaos: NO “Universal Chart ‘XRP
Casitrades continues to emphasize that the exchange market data has become highly inconsistent, making accurate analysis challenging. The analyst pointed out that each trading platform showed something different during the recent crash, with some pairs found below $1, while others were able to hold very high levels. With this transparency, Casitrade advises traders to focus on trading manually to ensure accuracy, because there is no “XRP” for XRP chart.
According to the analyst, in minance USD, the price of XRP was as low as $ 0.77, a sharp downward marking of 72% from the high level of the area and falling below the retracement level of 0.786 fibonacci. While the pages of Casitrade believe that such extreme arrows are unlikely to repeat, the following levels of recovery around $ 1.46 (0.618 Fib) and Pocket gold near $ 1.35 remain in key areas of interest. These areas correspond to many technical aspects, including wave 5 extensions, macro fibonacci retracements, and wave 2 targets.
The analyst explained that if XRP is going to take a deep swing, it can cause a strong return, possibly setting the phase of the long-awaited wave that aims at $ 6.50 to $ 10,00 Range.
Despite the chaos caused by the recent market crash, investors see a potential silver lining. He also noted that the crash may have moved XRP’s structure from a deeper wave 4 direction to a wider macro wave 2 recovery, which can be taken by the strongest waves in the cycle.
