XRP's August Recovery Faces Elliott Wave Test: Key Support Level in Focus

XRP's recovery in August has been fragile, with an Elliott Wave setup suggesting it may be part of a broader corrective structure rather than a sustained reversal.

According to TradingView's XRP/USD data, the token is trading below major moving averages and its oscillator readings are closer to neutral. This divergence leaves the near-term price prediction dependent on whether the current rebound can develop enough momentum to challenge overhead resistance.

A technical analysis shared by @Morecryptoonl uses Elliott Wave analysis to question whether XRP's recent recovery is a genuine trend reversal or simply a corrective bounce within a larger decline.