XRP Elliott Wave Analysis
The hourly XRP chart reveals a continued corrective phase, with a detailed Elliott Wave count within wave Y. The (v) wave of the final C-leg appears near completion as the price approaches a crucial support zone within a descending triangle pattern.
Key Resistance and Support Levels
Resistance:
- $2.20 (0.5 Fibonacci level)
- $2.28 (0.382 Fibonacci level)
Support:
- $1.90 (0.618 Fibonacci level)
- $1.64 (0.786 Fibonacci level)
A confirmed breakout from the descending triangle could trigger the next major move—either upward toward resistance or downward toward lower Fibonacci retracement levels.
Possible Scenarios
Bullish Rebound:
- If XRP holds above the $1.90 support, a strong rebound may occur.
- A breakout above $2.20 could accelerate bullish momentum toward $2.28.
Bearish Continuation:
- A breakdown below $1.90 may intensify selling pressure, pushing XRP toward $1.64 or lower.
The RSI remains subdued, indicating limited bullish momentum unless a significant catalyst emerges.
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Stellar (XLM) Elliott Wave Analysis
The 4-hour XLM chart shows a descending wedge pattern following an impulsive Elliott Wave structure that peaked in wave (v) at $0.64 on November 23. The correction is forming an ABCDE structure within the wedge, signaling consolidation.
Critical Zones for XLM
- Support: $0.50 (wedge lower boundary)
- Resistance: $0.60 (wedge upper boundary)
A breakout from the wedge could determine the next trend direction—either continuation of bullish momentum or further correction.
FAQ Section
1. What are the key resistance levels for XRP?
Key resistance levels are $2.20 (0.5 Fibonacci) and $2.28 (0.382 Fibonacci). A breakout above these levels could signal bullish momentum.
2. What happens if XRP breaks below $1.90?
A breakdown below $1.90 may lead to further declines toward $1.64 (0.786 Fibonacci), increasing bearish pressure.
3. How does the Elliott Wave theory apply to XLM?
XLM is currently consolidating in a descending wedge after an impulsive peak at $0.64. The ABCDE structure suggests potential trend reversal upon breakout.
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4. What indicators should traders monitor for XRP?
Key indicators include the RSI for momentum and Fibonacci retracement levels for support/resistance confirmation.
5. Is XLM in a bullish or bearish phase?
XLM is in a consolidation phase within a descending wedge. A breakout above resistance could signal a bullish reversal.
Conclusion
Both XRP and XLM are nearing critical support levels, presenting potential reversal opportunities. Traders should monitor key Fibonacci levels and breakout signals for confirmation.
For strategic trading insights, proper risk management is essential.
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