[DigitalToday reporter Yoonseo Lee (이윤서)] An analysis said XRP could see its current Elliott Wave price structure shaken if it fails to hold the $0.93 level, a July 2023 peak.

The Crypto Basic, a blockchain outlet, reported on April 1 that market analyst Hov said XRP has fallen more than 26 percent so far this year and, unlike other altcoins, has not formed a clear upward pattern after its low.

Hov said he expected XRP to complete a five-wave rise after its recent low, signalling a trend reversal. Instead, he said price action has been choppy without strong momentum. He added that while XRP is defending a key support area on higher time frames, the risk of further declines remains unless buying strength clearly improves.

In a chart he presented, the move since the recent low appeared not as a strong five-wave advance but as a three-wave corrective pattern divided into W-X-Y. Hov judged XRP to be closer to a correction phase than a full-fledged upward turn, noting overlapping (w)·(x)·(y) waves. He did not fully rule out a rebound, but said downside risk could increase if the weak structure persists.

He cited $1.40 to $1.50 as a key resistance area. He said momentum could improve if XRP breaks above $1.50 and then closes above that level on higher time frames, and that a move to $1.80 could be possible. He added that failure to reclaim that zone could extend a bearish trend.

On the downside, he pointed to $1.146 (0.5 Fibonacci) and $0.884 (0.618 Fibonacci) as nearby support. He said support below the current price is weak based on volume distribution, so losses could widen quickly if selling pressure increases. He also noted XRP has previously had periods when it failed to sustain an uptrend after a sharp rise, and said the current move is similar. Viewing the current phase as a fourth-wave correction within a five-stage Elliott Wave structure, he set an ultimate fifth-wave target at about $8.1. He said the structure assumes XRP holds above $0.93.

The key question is whether XRP can finish its corrective phase while holding core support. The analysis said failure to recover the $1.40 to $1.50 resistance area could tilt the outlook toward a bearish scenario, while confirmed upside breakout alongside defence of major supports could revive expectations for a fifth-wave rise under Elliott Wave.

$XRP So we've been tracking a lot of diags off the lows for alts but right now XRP doesn't have the same look In our last update we were looking to push a little higher for a 5th off the low to give us some clarity That hasn't happened, yet As of now the price action from the… pic.twitter.com/LTjBhvnswI