This is in reference to earlier outlooks by the analyst, where he predicted that the XRP price would revisit a strong support zone to complete a corrective Elliot cycle Wave 4 formation. This reaction zone, which is between $1.50 and $1.90, is visible in the weekly candlestick timeframe chart below.
The analyst’s prediction is that the initial phase of this new impulse could take XRP to the $5.5 level, which he identified as the “first target on the way to our macro target.” His broader wave projection shows a larger move to $8 for the completion of a higher-degree third impulse wave in a larger impulse wave count that goes as far back as July 2024.
At the time of writing, XRP is trading at $2.40, down by 4.4% in the past 24 hours, having been rejected at around $2.52. Nonetheless, the 50% recovery from its most recent downside wick could indeed grow into the larger move predicted by HovWaves.
