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XRP (XRP) is approaching the key support level of $1.00, raising the possibility that the final phase of its mid- to long-term correction, the so-called “Wave 4,” may be nearing completion.
According to investment media outlet FXStreet on February 19 (local time), XRP is entering a critical technical zone as a complex corrective phase continues on both the 4-hour and daily charts. However, analysts caution that it is difficult to conclude that the downtrend has fully ended until a clear bottoming signal emerges.
On the 4-hour chart, Wave (C) within Wave Y is currently interpreted as being in progress. Following a recent abc rebound, a five-wave decline is unfolding, suggesting there remains room for further downside until the complete five-wave sequence finishes. If this scenario holds, XRP could drop toward the strong technical and psychological support area of $1.00. This level carries significance beyond a simple price point and is viewed as a zone where renewed buying interest may emerge.
On the daily chart, a broader complex WXY correction is underway, analyzed as part of a higher-degree Wave 4. While the correction appears to be entering its final stage, whether a trend reversal materializes will depend on the nature of the upcoming rebound. If the shift upward develops in an impulsive manner, it could signal the beginning of a new fifth-wave advance.
Conversely, if the rebound remains limited or evolves into another corrective structure, the prevailing bearish bias on higher time frames would remain intact. In particular, a clear break below the $1.00 support level could intensify technical selling pressure.
Ultimately, XRP stands at a critical technical crossroads. A strong rebound from the $1.00 support zone could revive expectations for a mid-term trend reversal, but analysts advise a cautious approach until an impulsive upward structure is clearly confirmed.
*Disclaimer: This article is for investment reference only and we are not responsible for any losses incurred based on it. The content should be interpreted for informational purposes only.*