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Ripple (XRP) suffered a 6% decline over the past day, and traders are now questioning whether the worst is over or if one more leg down is still on the cards.<\/p>\n
Data suggest that this pause aligns with the classic Elliott Wave Theory (EWT) pattern, where extreme moves are often followed by a Wave 4 consolidation, and set the stage for a final impulse wave.<\/p>\n
Historically, markets rarely pivot sharply after a massive Wave 3 move. Instead, analyst CasiTrades explained<\/a> that they typically undergo one last exhausted drop, or Wave 5, before a steady trend reversal takes hold. Current price action appears to support this scenario. XRP remains trapped near Wave 4 resistance levels, as it failed to break decisively above the key $2.82 mark, even amidst market recovery.<\/p>\n The absence of a strong breakout points to a market that may need one more corrective wave to fully exhaust selling pressure before sentiment can shift bullish.<\/p>\n Cross-exchange data remains highly inconsistent, which has further complicated matters. Different trading pairs have reported wildly divergent lows, from sub-$1 prints to levels considerably higher. On Binance USD, XRP’s price momentarily dipped to $0.77, a staggering 72% decline from recent highs, breaching the .786 Fibonacci retracement.<\/p>\n While revisiting that extreme seems unlikely, the analyst warns that a retest of the .618 retracement near $1.46 – or the “golden pocket” around $1.35 is plausible in the next wave down. These levels coincide with multiple technical indicators, including Wave 5 extensions, macro retracements, and prior Wave 2 targets, which make them critical zones for accumulation and the setup for a strong reversal.<\/p>\n The potential silver lining for XRP traders lies in the chaos itself. The recent collapse may have pushed the broader Elliott Wave count from a shallow Wave 4 to a deeper macro Wave 2, laying the groundwork for a “powerful” impulsive move that could ultimately propel XRP toward $6.50-$10.00.<\/p>\n Crypto analyst Ali Martinez had recently made a concerning observation during which he said that XRP “looks like it wants to visit $2.” Martinez referenced<\/a> XRP’s UTXO Realized Price Distribution (URPD) to identify the next crucial support if the asset experiences another leg down, and flagged $2.10 as a potential low.<\/p>\n On the upside, he noted that a reversal could find immediate support at $2.80, a level that, if held, might pave the way for the crypto asset to resume its upward momentum toward $3.<\/p>\n The post Ripple (XRP) Pauses After Chaos: Is Wave 5 Still Coming or a New Bull Trend Emerging?<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\n$2 Test Looms<\/h2>\n
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