Market analyst Tara has laid out a cautionary roadmap for XRP, using patterns she’s seen on the Bitcoin chart and an Elliott Wave framework to frame a near-term bearish thesis.
What she sees
- On XRP’s one-hour chart, Tara identifies a completed five-wave decline that ended around the $1.362 support zone.
- From that low, price has staged a corrective ABC rally (Wave A up, Wave B down, projected Wave C up). She expects this retrace to carry XRP higher in the short term but stresses it is part of a bearish structure — not a return to sustained bullish momentum.
- The corrective move is targeting the 0.618 retracement level at about $1.51, which also aligns with a 1:1 measured move. Tara warns this level could act as a bull trap.
Levels to watch
- Short-term resistance / retrace target: ~$1.51 (0.618 / 1:1 measured move)
- Near-term support seen from the recent Wave 5 bottom: ~$1.362
- Potential downside targets after the retrace: Double Bottom at ~$1.12, with a deeper macro support around ~$0.87
Why it matters
Tara points out that, like Bitcoin, XRP may be completing a Wave 2 or Wave 5 retracement before a larger Wave 3 move — and Wave 3 is typically the strongest in an Elliott Wave sequence. If her labeling is correct, the $1.51 bounce could lure bulls in before a sharper decline toward the $1.12 or $0.87 zones.
Current price state
XRP is trading near $1.37 after failing to hold above $1.40. CoinMarketCap data shows recent weakness: over the past two weeks performance has been largely bearish, with a drop of more than 6% in the last seven days and roughly a 3% decline in the past 24 hours.
Market context
Tara attributes the downturn to a mix of factors: a lack of strong bullish catalysts, high market volatility, geopolitical uncertainty, and persistently negative sentiment and technicals. Her takeaway for traders is to be skeptical of the current bounce and to plan for the possibility that the next major move could be downward.
(Analysis reflects Tara’s public chart work and Elliott Wave interpretation; not investment advice.)
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