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CoinsKid, a notable crypto analyst, identifies a pivotal resistance level that XRP needs to break to embark on the much-awaited bullish trajectory.
The market analyst’s initial commentary on the subject first came up last month. At the time, XRP battled to surpass the $0.63, with a drawdown risk to the $0.59 price territory. According to data from CoinsKid’s chart, following the massive crash to $0.3824 on July 5, XRP embarked on a 5-wave Elliott Wave journey.
XRP’s Elliott Wave Journey
The first wave ended as XRP recovered to a high of $0.4497 on July 6. However, the second wave involved a mild correction to $0.4035. As expected, Wave 3 was the must disruptive wave, triggering an impressive rally to $0.6367 on July 18. Afterward, XRP faced another correction with Wave 4, dropping to $0.5415 the following day.
CoinsKid’s chart confirmed that XRP was trading within a rebound path set by the fifth and finale wave at the time of the initial disclosure. He predicted XRP to record another minor jump before eventually collapsing after Wave 5 completes.
Interestingly, this projection has materialized. For context, after the analysis, XRP soared further to $0.6561 on July 31. However, the resistance at this level resulted in a pullback, leading to a collapse to $0.4312 on Aug. 5. XRP’s retracement also coincided with a major correction in the broader crypto market.
At the time, CoinsKid noted that the drop would mark the Wave 2 of a larger Elliott Wave structure. He then noted that a recovery would represent a Wave 3 structure, capable of helping XRP break above a pivotal resistance level. This pivotal resistance level sits at the $0.74 price territory.
XRP Needs to Breach $0.74
With XRP moving exactly as predicted, CoinsKid recently provided an update to the analysis. According to his latest disclosure, the second Wave has already completed, with XRP now on the path of Wave 3. CoinsKid confirmed that the recent conclusion of the Ripple v. SEC lawsuit is a pivotal development capable of expanding the third wave.
He noted that he accumulated more tokens at discounts when XRP collapsed, anticipating the breakout. The analyst stressed that XRP needs to breach the $0.74 resistance and the $0.93 roadblock from the July 13, 2023 rally while in the third wave. Should this occur, XRP might face a minor retracement before another uptrend.
Currently, XRP changes hands at $0.6040, having dropped 2.10% this morning. XRP’s immediate resistance currently rests on $0.6581, with the Fibonacci 0.236 retracement acting as support.