Crypto analyst Hov has launched a recent evaluation on the XRP worth, highlighting its current actions amid ongoing market volatility. The chart exhibits buying and selling round $1.41 as of February 19, with a historical past of sharp declines and recoveries marked by Elliott Wave labels relationship again to 2018. This replace comes as the altcoin clings to key help ranges, aiming to protect the circumstances for a bigger bullish continuation regardless of this week’s pullback.
The subsequent directional transfer may decide whether or not the current decline marks the top of XRP’s extended corrective section or the start of additional draw back.
Replace On Latest XRP Worth Actions
In a put up on X, Hov famous that since his final replace, the XRP worth had declined greater than anticipated, almost breaking a clear diagonal sample he had been intently watching. Regardless of this, the analyst famous that the cryptocurrency has not closed beneath the vital high-timeframe on the chart, which suggests the sample remains to be technically legitimate. Nevertheless, he stated that worth is “barely hanging on,” indicating that yet another drop may trigger the setup to fail.
The accompanying chart illustrates this with horizontal blue help bands at round $0.42 and $1.41, the place the value has bounced a number of instances since late 2024. Primarily based on the token’s current transfer and present construction, Hov has up to date his wave depend to a “sideways combo correction” inside a bigger diploma fourth wave, as depicted on the chart with labels like (w), (x), (y), and (z), displaying flattened worth motion.
This adjusted wave construction accounts for the prolonged consolidation noticed between 2022 and 2025, throughout which XRP oscillated with out decisive breaks. In response to Hov, XRP’s worth reached a “excellent tag of the 50,” evident across the 0.618 Fibonacci stage on the chart.
The chart additionally reveals a sequence of impulsive upward waves, labeled I via V, adopted by corrective phases which have repeatedly examined decrease help. Hov emphasised the necessity for the value to develop in 5 waves off the current low to sign power. In contrast to many altcoins, which show three-wave constructions, the analyst stated XRP exhibits a good five-wave micro sample, suggesting stronger momentum regardless of the ongoing downtrend.
What’s Subsequent For The Altcoin?
In response to Hov’s projection, the following step for XRP is to develop a full five-wave advance from the current low into the $2 area. A push towards $2 would reinforce the view that the corrective section has probably ended and a backside is in place. The analyst additionally recommends waiting for a three-wave retracement again into help for additional affirmation of XRP’s bullish setup.
If this affirmation happens, the chart outlines a bigger continuation path past $2. The projected targets recommend that XRP may regularly climb towards $3.42, similar to the 0 Fibonacci extension. After this, the ascending blue line on the chart signifies the following worth goal of round $5.7. As soon as the altcoin reaches this stage, Hov anticipates the onset of a bigger wave 5, with a possible goal at $8.
Featured Picture from Getty Pictures, chart from Tradingview.com
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