XRP hits its golden support zone after weekly decline

According to recent data from Bijie Network, XRP has experienced a significant correction this week, consolidating at the support levels identified as the “golden zone,” a key area between $1.53 and $1.60. However, the latest data shows that XRP’s current price is at $1.39, reflecting increased downward pressure. The price behavior in these support zones is critical for determining the asset’s next move in the short term.

Price and Technical Analysis from the Elliott Perspective

Trader CasiTrades has noted that XRP’s current movement aligns with patterns described in Elliott Wave Theory, a fundamental tool in technical analysis. According to this theory, the room for further correction has been significantly exhausted. The analysis suggests that if the price manages to find a bottom at current levels, it could initiate a recovery toward targets of $1.78 or $1.93, representing a substantial rebound from recent lows.

The Decisive Breakpoint: $2.03 as a Critical Level

For XRP to definitively break out of the bearish structure and avoid further deterioration, the price must clearly and sustainably surpass the $2.03 level. This point acts as a dividing line between a potential bullish scenario and the risk of deeper declines. Traders are monitoring this critical level as the necessary confirmation to change the technical outlook and project new highs for the asset.