XRP falls 18% this month but holds a key level, Elliott Wave suggests a target of $5.85?

Question

[Coin World] XRP has fallen quite sharply this month, retracting by a full 18%. However, the $2.17 position has held strong, it seems quite solid. Some analysts are focusing on an Elliott Wave reversal signal, and after that, the price began to oscillate within a narrow range.

What's even more interesting is the trading volume, which directly exploded—surging 158% compared to normal levels, with 202.7 million coins traded in a single day. This wave of volume briefly pushed the price up to $2.28, before it retreated again.

From a technical perspective, the ABC three-wave adjustment is likely to come to an end around 1.88 USD. The key now is whether it can hold above 2.22 USD. Once it stabilizes, the expansion of the fifth wave should start, with a theoretical target aimed directly at 5.85 USD. However, the prerequisite is that the defense line at 2.17 USD must not be lost; if it is lost, the bullish structure will collapse.

SlowLearnerWang · Accepted Answer

Here I am again, the armchair strategist... I should have bought the dip at 1.88 a long time ago, and only now do I realize this whole Elliott wave thing.

5.85? Let&#39;s hold above 2.22 first and then talk, feels like it will take a while again.

GasGuru · Answer

2.17 If we can&#39;t hold on, just wait to be trapped, this wave is really hard to see through.

MemeKingNFT · Answer

Oh no, 2.17 has become a critical line again, I&#39;m too familiar with this routine, it was the same key level when the NFT crashed...

Absolutely not buying the dip, I&#39;ll wait until the day of 5.85 to hype it up, anyway, this Elliott Wave thing is really just hindsight analysis.

TradFiRefugee · Answer

2.17 If you can&#39;t hold it, it&#39;s game over. Don&#39;t pay attention to that 5.85 nonsense.

AmateurDAOWatcher · Answer

Talking about Elliott waves again, can it really go over 5 this time, or is it the same old trap?

LiquidityWizard · Answer

actually the 158% volume spike is statistically significant but let's be real—that 5.85 target assumes the wave count holds, which... theoretically speaking, it won't. not with 2.17 as a hard floor lol

CrossChainBreather · Answer

2.17 If we can&#39;t hold on, we&#39;re finished. Don&#39;t talk to me about 5.85, let&#39;s focus on staying alive first.

DegenWhisperer · Answer

2.17 Whether it can be maintained is the key; otherwise, this wave of Rebound will be in vain.

unrekt.eth · Answer

If 2.17 doesn&#39;t break, there is still a chance. The Elliott Wave Theory target of 5.85 is indeed tempting.