XRP Approaches Macro Shift Amid Expanding Diagonal and Breakout Momentum
XRP is nearing a significant turning point as recent upward momentum interacts with an expanding diagonal structure. This hints at a potential macro shift, raising expectations for a breakout continuation if buyers maintain control.
Market Structure Complexity
- Hov highlighted a shift in XRP's structure, initially expecting a push lower to complete a truncated low.
- XRP formed a new low on the line chart, presenting a more complex structure than anticipated.
- An emerging expanding diagonal count suggests a possible shift from a simple three-wave corrective pattern.
The recent impulsive move upward could indicate the early stages of needed momentum for a high-probability C/3 wave trade. This does not yet confirm a full trend reversal but suggests increased market aggressiveness.
Hov remains bullish on this support zone holding, suggesting that if buyers continue defending it, the probability of a reversal scenario increases.
Breakthrough at Key Retracement Level
- According to TARA, XRP tapped the 0.5 retracement level, showing strong RSI signals.
- A break above this zone shifts focus to the next major target at $2.30, aligning with the 0.382 level.
- Reclaiming this area would indicate XRP may be forming a true bottom.
Despite promising setups, a confirmed new trend is still absent. The momentum is building, and price action shows increasing impulsivity typical of early macro Wave 3 stages.
Bitcoin's movement around its resistance zone at $88,300 will heavily influence XRP's short-term direction. The market is close to confirming its next major leg, with critical levels being closely monitored.