Looking at XRP on the 4-hour chart, the price is trading impulsively lower within subwave (C) of wave Y, suggesting there is still room for further downside before a complete five-wave structure to the downside can be confirmed.
Following the recent abc corrective recovery, the broader structure continues to favor a bearish outlook. However, due to the current sideways price action, the market may be forming a bearish abcde triangle pattern within wave 4. This type of consolidation typically precedes a final push lower.
If this scenario plays out, wave 5 could trigger another leg down, potentially driving the price toward the strong $1.00 support level, which stands out as a key psychological and technical area to watch.
As long as price action remains below key resistance levels and the wave structure stays intact, the short-term bias continues to favor downside continuation.
Following the recent abc corrective recovery, the broader structure continues to favor a bearish outlook. However, due to the current sideways price action, the market may be forming a bearish abcde triangle pattern within wave 4. This type of consolidation typically precedes a final push lower.
If this scenario plays out, wave 5 could trigger another leg down, potentially driving the price toward the strong $1.00 support level, which stands out as a key psychological and technical area to watch.
As long as price action remains below key resistance levels and the wave structure stays intact, the short-term bias continues to favor downside continuation.
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