XRP Price Recovery Hinges on Break Above Descending Trendline

XRP's recent price recovery is being closely watched by traders, who are waiting to see if it can break above the prevailing descending structure or continue lower. According to an Elliott Wave analysis shared by @Morecryptoonl, XRP's current bounce may be a temporary corrective pause before another sell-off in August.

The analysis highlights several impulse and corrective structures, including A-B-C and five-wave formations, which suggest that the recent recovery is part of a broader downtrend. The 50%, 61.8%, and 78.6% Fibonacci retracement levels are being used to assess how far the current recovery can extend before sellers potentially return.

Traders are watching the price action around $1.08, which is near the short-term equilibrium zone identified by technical indicators. A sustained break above the descending trendline would weaken the bearish interpretation, while another rejection could strengthen the case for a continuation of the existing corrective phase.