What Happens Now That The XRP Price Has Revisited The October 10 Lows?

XRP's price has revisited a critical level around $1.44, reminiscent of a flash crash in October. This time, the price movement lacks the swift recovery of the previous incident. Technical analysis suggests that the October 10th wick low at $1.58 is a significant structural level for XRP on its weekly chart. The current decline is viewed as part of an expanded flat correction, potentially forming a C-wave. Within this C-wave, an ending diagonal pattern is being tracked, characterized by overlapping price action and false breakdowns. The ability of XRP to hold above $1.43 on the weekly timeframe is crucial for validating the ending diagonal thesis. A close below $1.43 would negate the bullish outlook and signal further bearish movement. If $1.43 holds as support, XRP could stabilize and potentially initiate a reversal. This could lead to a powerful rebound and an Impulse Wave V within a broader Elliott Wave structure. The bullish scenario could potentially lead to long-term upside targets as high as $5.53.