XRP has dipped below the $1.31 support level, a key threshold in its current correction. According to CoinMarketCap, the cryptocurrency is trading near $1.33 after hitting a 24-hour low of $1.29. This undercutting of the $1.31 level suggests that XRP could rebound without needing to fall further to $1.25, a broader support area.
The market is now testing whether buyers will defend the $1.29-$1.33 region. Under one Elliott Wave interpretation, the undercutting of the $1.31 low may have completed the final leg of the correction, setting the stage for a potential advance. The shape of the B-wave in this correction suggests that a dramatic new low isn't necessarily required.
If XRP establishes a floor around the current region, the first meaningful recovery could target $1.45-$1.50, representing roughly a 13% upside from $1.33. Further resistance levels include $1.70, $1.93-$2.00, and $2.08. However, these targets depend on confirming that the current correction has ended.
The broader bullish outlook remains intact as long as XRP holds above the blue demand zone around $1.05-$1.15. A higher-timeframe close beneath this region would undermine the current recovery thesis and increase the risk of new lows. For now, the focus is on whether buyers can turn the current support area into a durable floor.