$XRP entered the fifth and final stage of a multi-wave Elliott wave pattern that begin end of June, Currently Pointing to several short-term price targets.
Specifically, the model places the first target at $1.23062, while a stronger rally could push the price up to $1.40.
At the time of writing, $XRP is trading at $1.09810, up 0.05% on the day. Meanwhile, the period of 14 Relative Strength Index (RSI) stands at 47.98, showing neutral momentum and suggesting that the market still has room to move higher or lower.
This Elliott Wave structure formed over a 4 hour period since $XRP reached a low of $1.012 on June 26. Since then, the market has completed the first four waves of the trend and has NOW moved into in the middle of the fifth and final wave.
$XRP Elliott makes a one to three sign
The current pattern began on June 26, when $XRP fell to $1.012 before quickly rebounding higher. The first wave took the price from this low to $1.07 on June 27.
Then the second wave unfolded in the form of an ABC correction through June 29 And June 30. During this phase, sub-wave A pulled $XRP from $1.07 to $1.03 by June 29.
Sub-wave B followed with a rebound to $1.076 later the same day. Finally, sub-wave C completed the correction Pushing the price back to $1.02 on June 30, marking the end of the second, broader wave.
From there, the third wave started at the $1.02 low and produced the strongest rally of the entire sequence. Certainly, $XRP rose to $1.18 on July 4, gaining $0.16, or about 15.7%, from the bottom of the wave to its peak.
This $1.18 level remains the highest point reached during the current Elliott wave structure and is now the level that the fifth wave must exceed to achieve its projected targets.
The fourth wave leads to a $XRP Correction
After reaching $1.18, $XRP entered the fourth wave, which represented the most detailed correction of the entire model. This phase completed both a standard ABC correction and an internal structure with five sub-waves at the same time.
Within the ABC pattern, sub-wave A took the price down from $1.18 to $1.12. Sub-wave B is then lifted $XRP returned to $1.16, while sub-wave C completed the correction bringing the price back to $1.06 on July 13.
At the same time, the internal five-wave structure within the fourth wave also ended at $1.06 on July 13, with the fifth internal sub-wave marking the end of the correction.
Short term $XRP Price targets
The fifth wave started from the $1.06 low and is now forming into five sub-waves. The first sub-wave lifted $XRP From $1.06 to $1.13 on July 15 before the market entered the current second sub-wave of correction. The pullback brought the price down to around $1.09 at press time, down about $0.04 from the high of $1.13.
The $1.09 area has now become an important support zone as it closely matches the horizontal reference level of $1.09957.
As long as $XRP remains above this area, the current structure of the fifth wave remains valid. However, if the price falls below the fourth wave low of $1.06, the bullish countdown of the Elliott wave would no longer apply and a more bearish outlook would become the main scenario.
If the correction around $1.09 ends as expected, the next move could take $XRP to $1.17 during the third sub-wave. This could be followed by a pullback to $1.14 in sub-wave four before the final sub-wave five targets the 1.0 Fibonacci extension at $1.23062.
If the buying momentum continues after this, the next upside target lies at the 1.618 Fibonacci extension of $1.33924. In the strongest bullish scenario, the current fifth wave structure could extend up to $1.40.
Although the bullish Elliott Wave count remains the main outlook, the same price action also supports a valid bearish interpretation without breaking any of the main rules of the Elliott Wave theory. From this point of view, the current structure could still lead to a further decline instead of continuing to rise.
