Crypto analyst Hov has launched a contemporary 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 courting again to 2018. This replace comes as the altcoin clings to key assist 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 Current XRP Worth Actions
In a put up on X, Hov famous that since his final replace, the XRP worth had declined greater than anticipated, practically 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 implies the sample continues to be technically legitimate. Nevertheless, he mentioned 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 assist bands at round $0.42 and $1.41, the place the worth has bounced a number of occasions since late 2024. Based mostly 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 accordance with Hov, XRP’s worth reached a “excellent tag of the 50,” evident across the 0.618 Fibonacci degree on the chart.
The chart additionally reveals a collection of impulsive upward waves, labeled I by V, adopted by corrective phases which have repeatedly examined decrease assist. Hov emphasised the necessity for the worth to develop in 5 waves off the current low to sign power. Not like many altcoins, which show three-wave buildings, the analyst mentioned XRP exhibits a good five-wave micro sample, suggesting stronger momentum regardless of the ongoing downtrend.
What’s Subsequent For The Altcoin?
In accordance with 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 looking ahead to a three-wave retracement again into assist 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, akin 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 degree, Hov anticipates the onset of a bigger wave 5, with a possible goal at $8.
Featured Picture from Getty Photographs, chart from Tradingview.com
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