XRP, if it can't break $1.45, is the upward momentum over?...Analyst: "$1 could collapse"

▲ XRP/ChatGPT generated image

XRP's recent breakout attempt has lost momentum. As XRP failed to maintain its price above the key resistance level of $1.45, the market has returned to a support confirmation phase.

According to crypto media NewsBTC on May 8, crypto analyst EllaWeb3 analyzed that XRP is being pushed back to the breakout zone that traders have recently been watching, after failing to maintain its upward trend above $1.45. The rejection near $1.45 slowed down the bullish momentum and reverted the XRP market to a wait-and-see phase.

This pullback is particularly notable as it occurred despite the expanding institutional tokenization use cases surrounding the Ripple and XRP Ledger ecosystem. While major companies such as JPMorgan, Mastercard, and Ondo are reported to be involved in XRP Ledger-based movements, the market is reacting more sensitively to technical structures than to positive news.

The primary support zone currently watched by traders is $1.40 to $1.41. On the other hand, the $1.45 to $1.47 zone continues to act as a resistance level preventing upward attempts. NewsBTC explained that after the price fell near $1.45, momentum significantly weakened, and a thinner-than-usual liquidity environment could amplify two-way price fluctuations.

XRP's overall structure has not completely collapsed. However, as the price has returned to a zone that needs reconfirmation, the market is waiting for direction. If XRP recovers the upper zone, investor sentiment could improve quickly, but if the support breaks, breakout expectations could quickly weaken.

It was also pointed out that XRP is lagging behind compared to Bitcoin's (BTC) recovery. More Crypto Online analyzed that XRP is continuing to trade sideways in the current market phase without creating a stronger B-wave rebound than Bitcoin. It also evaluated that the overall structure has not changed significantly in higher time frames.

The original text suggested the possibility that the current XRP price movement is unfolding within the B-wave range of a larger ABC correction structure rather than a strong impulsive upward wave. The key regional range is $1.22 to $1.55. As long as XRP is confined within this range, the market structure is more weighted towards a correctional perspective than a bullish one.

From an Elliott Wave perspective, analysis also revealed that there is still insufficient convincing evidence that XRP has begun a direct impulsive ascent towards its all-time high. The original text stated that in a broader structure, there remains a possibility of a C-wave decline towards the major support zone between $0.98 and $0.48. At the same time, if a temporary rally occurs, it could rise to the resistance zone between $1.78 and $2.87, but this movement is also considered to be within a larger B-wave correction scenario.

After failing to break $1.45, XRP is simultaneously burdened with three factors: weakening bullish momentum, underperformance compared to Bitcoin, and stagnation within the $1.22 to $1.55 range. Whether the $1.40 to $1.41 support line holds and whether the $1.45 to $1.47 resistance zone is re-broken have emerged as key conditions that will determine the short-term direction.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*