XRP Holds Strong Amidst Market Volatility, Targets $5.5

According to crypto technician Hov (@HovWaves), XRP is demonstrating robust performance on the weekly time frame, even in the face of recent market-wide drawdowns. An Elliott Wave roadmap, based on Hov’s Bitstamp 1W chart, suggests the current price structure is nested within a higher-time-frame impulse, with wave iii completed, wave iv in progress, and a prospective wave v aiming significantly higher.

Key Support and Retracement Levels

The analyst identifies critical pullback reference bands using Fibonacci retracements. The 0.236 retracement is at $2.094, followed by $1.548 (0.382), $1.213 (0.5), and $0.950 (0.618). XRP has recently probed the $0.236 neighborhood, entering a demand box that overlaps the $0.382 level ($1.548). This zone also encompasses the significant October 10 liquidity event wick around $1.58.

Hov suggests there might be “one more small low on the micro before it’s all said and done,” but he emphasizes that it is unlikely to breach the $1.58 low, anticipating a “truncation on this move” due to the prior wick.

Upside Targets and Validation

The bullish projection for XRP is contingent on overcoming two primary resistance points. The first is a supply region capping out just below a swing marker at $3.41. Crucially, a weekly close above $2.94 is marked as the “key validation level” to reassert the impulsive trend. Achieving this would unlock an extension to Hov's first target: the −0.236 extension printed at an ambitious $5.558.

A curved projection illustrates the path from the current area through the retracement box, accelerating towards the $5.5 target, consistent with an impulse termination at this extension level.

Structural Importance and Resilience

The chart’s historical context highlights a broad turquoise accumulation band around $0.43, which firmly supported prices throughout 2023–2024 before the current impulse began. Above this, a second higher band now serves as a consolidation battleground beneath $3.41. The heaviest trading activity within this consolidation suggests that weekly closes above $2.94 would indeed be decisive for future price action.

Echoing his analysis, Hov stated on X, “XRP holding up exceptionally well on this market wide sell off,” noting the coin remains “still up 40% off our level.” While acknowledging the possibility of a final marginal low (above $1.58), his roadmap firmly points to a “first target” near $5.5, with the $2.94 weekly close as the critical confirmation.

At press time, XRP was trading at $2.18.