Is XRP Heading Higher? Key Levels to Watch Now

[00:00:00]So, on the XRP chart, I continue to track a potential corrective bounce that's unfolding right now. It's not really a significant rally. It's pretty disappointing, you know, what you see here. I mean, don't get me wrong.

[00:00:14]Disappointing means that you had high expectations. I mean, I do not see any evidence that XRP has formed a major low yet, but we could still push a little bit higher potentially into the red resistance zone. We're going We're going to take a look at the microstructures as well in this update, but the um it makes sense to start on the higher time frame just so that we all aligned. Because, you know, XRP has been in this downtrend in this strong correction now for quite some time, and we need to define what it means to go back into an uptrend, right? With um Bitcoin entering the let's say the last phase of the bear market potentially, XRP could also be fairly close to a low, but we do not see at this stage any meaningful upside reversal signal. So, for me, the trend remains down. The yellow trend line is the Look, the yellow trend line is the easiest trend filter here. It shows the trend is down.

[00:01:12]Then, we use obviously resistance levels, and they are defined between $1.19 and $1.42. Are they broken? No. We have not even really reached them. So, because of that, the pressure remains down. Resistance continues to be respected. So, the yellow structural resistance line um as well, the trend line, yeah. And the Fibonacci resistance as well. And then, we take a look at structure. Do we have a five-wave move up from the low? If yes, it could be an indication that we have a low, but we will only see that on the smaller time frame. For now, the price action um from a larger time frame point of view does not suggest a major low is in. You see here in the white scenario that we're tracking the potential of another bounce into resistance, but then at least one more low, possibly two, into the region around 74 cents seems that seems very likely.

[00:02:06]A final capitulation could happen.

[00:02:08]Um it's also possible that a low is in. Of course, it's possible, but it would remain an alternative.

[00:02:14]In the primary wave count, the current bounce should end at some point somewhere in resistance and then follow Bitcoin for another low, potentially towards September, October, where Bitcoin could also form, yeah, a bear market low.

[00:02:31]So, let's also take a look at the smaller time frame. What I'll do, I'm going to zoom into exactly this price region here to get an idea of what the micro structures are doing. Uh before we do that, quick reminder, you can also follow us on X. It's the More Crypto Online channel. Here you get additional updates on XRP, sometimes written updates, sometimes exclusive bonus updates. That can all be found here, of course, together with a lot of additional stuff about Bitcoin and crypto.

[00:02:59]And um yeah, but just make sure that you follow only the one with the golden check mark. Now, let's take a look at the shorter time frame for XRP.

[00:03:07]And you can see here on the smaller time frame how this bounce could unfold in the white scenario, potentially even a bit higher.

[00:03:15]Um I do ignore the wick back into the micro support zone because this is only visible on the Bitstamp chart. I only use Bitstamp because it has the entire chart history, or at least most of it.

[00:03:28]Coinbase and Binance don't have that.

[00:03:30]Um but again, the move to the upside, it just looks corrective. Look, we have a three-wave move up from the June low, and we have a three-wave move up from the 14th of July low, but we also had a one-two setup to the upside on the smaller time frame a few days ago.

[00:03:48]And the wave two support area was between $1.06 and $1.10. That one held.

[00:03:53]Price reacted to it nicely. And if you watched the last video update, I think it was even a public one here on YouTube, then you had the opportunity to take advantage of this one-two setup.

[00:04:05]There was even another one here. Uh but anyway, price reacted to both of our micro support areas. I can now remove the uh lower sorry, the the the micro support area here.

[00:04:17]And at the moment, I think it's just about watching whether the bulls can take the price higher to form a clear ABC structure to the upside as per the white scenario. And the next resistance is around yeah, $1.19.

[00:04:31]Then we've got the yellow trend line, which is currently coming in around $1.25, which is where the next Fibonacci level is located above.

[00:04:40]What certainly shouldn't happen from a short-term bullish point of view is a break below $1.04. I mean, if that happens, it might mean that we already have a more substantial top in place.

[00:04:52]And the market might move towards the 75 cent level uh rather sooner than later. This is obviously a reasonable bear market target. Obviously, it's very tentative.

[00:05:03]Depends a little bit on what Bitcoin is doing as well. But for now, I think the short-term pressure is up. Nothing, however, indicates that a major low is in.

[00:05:12]And the move to the upside looks corrective. So, it looks rather weak, but can still extend a little bit higher.

[00:05:19]So, that's the update on XRP. Make sure you subscribe to the channel. Also, feel free to follow us on X. And if you want to dive a little bit deeper, if you want to learn Elliott Wave, if you want to get live access to my charts, if you want to get live updates on Discord, or just want to learn Elliott Wave, feel free to check out our gold membership, where you can get access to our yeah, analysis feed plus to our academy in our own terminal plus to a lot of additional tools in our terminal plus market briefings and much more. The membership is discounted for the first month, so you can try it out in the first month, 50% discount if you use the link and the voucher code in the comment section.

[00:06:00]Thanks so much. Bye-bye.