XRP corrective wave shows a climb from $2.72 to $3.38 and traders expect another test of August lows soon.
Fibonacci levels mark $2.70 as strong support while $3.40 remains the key resistance zone for XRP traders today.
Analysts confirm a C wave forming with $2.70 support as the deciding level before a later bullish move higher.
XRP’s bounce from $2.72 to $3.38 formed a corrective three-wave move, not a five-wave impulsive pattern. Analysts expect XRP to revisit August lows in the coming days or weeks as the correction continues from late July.
https://twitter.com/ChartingGuy/status/1957264639835718109 Corrective Wave Structure Identified
The chart highlights that the recent climb toward $3.38 was classified as a B wave within Elliott Wave analysis. Unlike a sustained five-wave impulsive rally, this move lacked the strength to confirm a broader bullish cycle.
Traders now anticipate a C wave decline to complete the corrective phase. This move would likely bring XRP back toward its prior August lows. The A, B, and C structure visible on the daily chart signals that momentum remains uncertain.
Wave counts show XRP previously rallied from $2.72 to $3.38, forming part of the corrective structure. Market participants view this as preparation for the next leg lower before any potential recovery attempt.
Fibonacci Levels Provide Critical Guidance
The XRP chart integrates Fibonacci retracement levels to track potential support and resistance areas. Current trading sits near $3.08, hovering between major retracement zones.
Support levels extend toward $2.71, aligning with the 0.618 retracement. A breakdown below this area could expose deeper targets, including $2.56 and $2.40. These levels remain critical markers for the correction phase.
On the upside, resistance is seen near $3.40, aligning with the 0.786 retracement zone. Only a sustained close above this level would weaken the bearish corrective outlook. Traders continue to monitor these Fibonacci areas for directional clues.
The chart also indicates projections toward $5.39 and $6.13 on a longer horizon if a recovery materializes. However, such levels remain conditional on clearing immediate corrective pressure.
Can XRP Hold Above $2.70 Before Recovery?
The pivotal question is whether XRP can defend the $2.70 zone before a possible rebound attempt toward higher targets. The analyst commentary suggests that XRP may retest August lows within the short-term correction phase.
Market updates confirm that the correction began in late July and continues to unfold across daily sessions. Analysts forecast that volatility may persist into September, potentially aligning with macroeconomic events such as the Jackson Hole gathering.
The daily chart shows support and resistance aligned with Fibonacci extensions, providing a structured roadmap. Traders remain alert to whether the corrective wave completes above or below $2.70 before any sustainable rally emerges.
Price action indicates that a C wave is forming, extending the corrective sequence. If confirmed, this wave could provide the base for a later bullish attempt. Until then, the focus remains on the critical $2.70 support line and its ability to withstand selling pressure.
