XRP is hovering near $1.47, clinging to a technical support level that analysts say could determine whether its recent slide is just a pause or the start of something worse. The cryptocurrency dropped from a May 10 high and has traced out what chart watchers call a three-wave ABC corrective structure — a pattern that typically signals a temporary pullback rather than a full reversal.
The critical floor at $1.38
Under the Elliott Wave framework, the swing low near $1.38 is the line in the sand. As long as XRP stays above that mark, the bullish wave count stays valid. A break below would force analysts to reconsider the entire structure. Right now the token is trading about nine cents above that danger zone, which gives traders some breathing room but not much.
What a breakout would look like
The immediate hurdle is the $1.51 resistance level. A daily close above that would confirm the pullback is finished and open the door to a new rally phase. Beyond $1.51, the next targets are stacked at $1.59, then $1.67, and finally the $1.75–$1.76 zone.
Secondary support on the Fibonacci grid
If XRP slips further without breaking the $1.38 floor, a weaker support band exists between $1.40 and $1.42, based on Fibonacci retracement levels. That zone could slow a decline but isn't considered as robust as the $1.38 level itself. Traders are watching whether the price can hold above $1.40, where it currently sits with a narrow margin.
The next few sessions will show whether buyers step in to defend the key supports or if the corrective wave has more room to run.
