TL;DR

XRP may have completed its flat correction, setting the stage for a fresh upward impulse wave. Five-wave count suggests the asset could now enter Wave 3 or Wave 5 of a macro trend. ABC and WXY patterns together support the idea that XRP’s throwback phase is now complete.

XRP May Have Completed Its Correction

XRP is showing early signs that its recent price correction may be ending. Crypto market analyst EGRAG CRYPTO has shared an Elliott Wave-based review suggesting the asset could be preparing for its next move.

The analysis shows what looks like a flat correction. In this setup, three waves are visible: A, B, and C. EGRAG noted that “Wave B didn’t quite reach Wave A,” but added that this can happen in some market conditions. The main focus is whether this pattern marks the end of the broader correction.

#XRP The Throwback Phase Is Finished If (Update):

Let me Zoom In to illustrate to illustrate the Elliot Wave Flat Corrective Structure.

Zooming In: (1/5)

I want to take you through a step-by-step breakdown of how I’m constructing this corrective wave. It could be… https://t.co/msT6UEOOHW pic.twitter.com/HWWA5Rq03z

This wave pattern might be the second or fourth wave in a larger market cycle. While the exact placement isn’t confirmed, the structure suggests that XRP may now be past the throwback phase.

Chart Patterns Support a Shift in Trend

A simplified chart shared by EGRAG shows an ABC pattern, which is commonly seen during market pullbacks. Alongside this, a WXY pattern is also present. This type of structure is often used to describe more complex market behavior when prices pause before resuming a trend.

The combination of ABC and WXY patterns points to a possible conclusion of the correction. EGRAG also stated that when the B wave in an ABC structure shows strong upward movement, it can mean the market is getting ready to move higher again.

A separate wave count was also shared, showing five smaller waves forming after the correction. In Elliott Wave Theory, this is a sign that the market may be starting a new upward phase.

The five-wave count is being viewed as a sign that XRP is either starting Wave 3 or Wave 5 in a longer cycle.

“The strength of the 5-wave pattern… reinforces the notion that the corrective phase has ended,” EGRAG posted.

The placement depends on whether the last correction was Wave 2 or Wave 4. If it were Wave 2, XRP could now be entering Wave 3, which tends to show stronger price action.

XRP Price and ETF Update

XRP was trading at $3.03 at the time of writing, with a 24-hour volume of $5.1 billion. The price is up 2% in the past 24 hours and has slight gains over the past week.

Meanwhile, the REX-Osprey XRP ETF (ticker: XRPR) is expected to launch this week after earlier delays.