Hov’s chart, drawn on the weekly timeframe, traces out an expansive Elliott Wave sequence beginning from XRP’s 2018 cycle top through the corrective lows of 2019/2020, recovering across the 2021 bull cycle, and extending into the current setup.
What the analyst observed is interesting: the XRP price action from the recent swing low is printing a series of threes, not a clean five-wave impulsive structure. In Elliott Wave theory, a sequence of three-wave moves is corrective by nature. It implies that the dominant trend may not have fully reversed and that price could still be responding to a larger downward cycle.
The expectation earlier was that XRP would push into a fifth wave off the lows to confirm bullish intent. That move has not materialized. As long as the price structure is corrective, then there are risks of continuation to the downside.
Major Price Levels To WatchThe 12-hour chart also shows a deeper support region closer to the $1.15 range, which is based on the 0.5 Fibonacci retracement level. If the current level fails, that area becomes the next logical target.
The first and more immediately bullish scenario requires XRP to reclaim the white box at $1.50 and achieve a higher-timeframe close above it. A sustained close above this zone would set off the price action to $1.80.
