XRP is showing signs of hesitation after a strong rebound, struggling to push past key resistance levels. The recent price action fits neatly within an Elliott Wave pattern, suggesting the market may be entering its final consolidation phase before the next major move unfolds.
The analyst emphasized that markets rarely pivot directly after a major Wave 3 decline. Instead, they often complete an exhausted Wave 5 move to wrap up the impulse cycle before a fresh uptrend begins. However, CasiTrades noted that the market has not yet shown the kind of strength needed to invalidate the final dip.
The analyst explained that if XRP were to retest these deeper levels, it could trigger a powerful reversal, potentially setting the stage for the long-anticipated impulsive wave that targets the $6.50 to $10.00 range.
