rewrite this content using a minimum of 1000 words and keep HTML tags
A market analyst has released a new XRP price analysis, using the Bitcoin (BTC) chart and price action as the basis for her outlook. The analyst’s near-term outlook for XRP is bearish, with ongoing market volatility and shifting sentiment posing challenges. While she highlights potential downside targets, the analyst also applies Elliott Wave theory to pinpoint resistance levels, indicating areas where XRP could decline to.
Market analyst Tara has shared her plan for XRP, drawing on patterns she observed on the Bitcoin chart. In her post on X, Tara outlined a clear roadmap for traders, warning that the current bounce seen in the XRP price could be a deceptive move and that significant downside risk remains ahead.
The analyst identified a complete five-wave Elliott Wave decline on the one-hour XRP chart, noting that price finished its Wave 5 sell-off near the $1.362 support zone, a level visible on the chart as a strong horizontal floor.
XRP Price Forecast Based On The Bitcoin Chart
From that bottom, XRP has continued its corrective move upward, which Tara labeled as an ABC correction. This pattern consists of a Wave A rally, a Wave B dip, and a projected Wave C push, which she expects to carry the price higher in the short term.
Related Reading: XRP Price Will Not Move The Way People Think, Here’s A Better Pattern
The analyst explained that, like Bitcoin, XRP is currently awaiting a Wave 2 or Wave 5 retracement. She said the move is targeting the 0.618 resistance level at $1.51, which also lines up with a 1:1 measured move. Moreover, she clearly stated that this upward move carries a bearish label and should not be misconstrued as a sign of bullish strength returning to the market.
Tara further warned that the move could trap many bulls. She noted that many traders may mistake the short-term rally for a genuine breakout, only to be caught off guard when the next wave begins. The analyst also noted that, based on her readings of the Elliott Wave structure, traders should already be thinking about what wave could come next once this retrace completes near the $1.51 resistance zone visible on the chart.
Looking further ahead, Tara pointed to Wave 3 as the next major move to watch. She noted that Wave 3 carries downside targets as low as a Double Bottom at $1.12. The analyst added that the $0.87 macro support level on the price chart also remains a likely and valid target, representing a much deeper pullback from current price levels.
Update On The XRP Price Action
The XRP price is currently sitting at $1.37 after an unsuccessful attempt to break and sustain levels above the $1.40 resistance level. According to CMC data, XRP’s price performance has been largely bearish over the past two weeks, dropping by more than 6% in the last seven days and over 3% in the past 24 hours.
Related Reading
The recent downturn has been driven by a lack of strong bullish catalysts in a market marked by high volatility and ongoing geopolitical tensions. XRP’s persistent bearish technical structure and negative sentiment have also weighed significantly on its price momentum.
Featured image from Getty Images, chart from Tradingview.com
and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website [http://defi-daily.com] and label it “DeFi Daily News” for more trending news articles like this
Source link
