XRP (XRP) jumped about 15% overnight to roughly $1.15, but competing Elliott Wave models still point to sharply different paths from below $1 to above $9.
Key Points:
- XRP rose about 15% to $1.15 and reclaimed $1, with several resistance levels still overhead.
- A bullish wave model targets $5.8563 and $9.0362, while a bearish count projected $0.85-$0.86.
- About 23% of on-chain XRP trading now occurs during a three-hour London-New York overlap.
XRP Wave Split
Media reported on Aug. 20 that XRP had pushed back above the psychologically important $1 level after weeks of uneven trading. The move put $1 back at the center of the technical debate.
Analyst Dark Defender said the weekly chart had completed a “triple dip,” supporting a bullish Wave 5 setup with targets at $5.8563 and $9.0362. Those projections remain speculative.
XRP would first need to clear resistance around $1.20-$1.30, $1.50 and $1.88, while a close below $1 would weaken the bullish interpretation.
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Evernorth Trading Data
CasiTrades published a sharply different count just over a week earlier, when XRP traded near $1.01 after a 2.5% daily drop. That model projected a fall to about $0.95, a bounce to $1.00-$1.04 and a final decline toward $0.85-$0.86. CasiTrades also cited an RSI reading of 36.62 and bearish divergence.
Evernorth said on Aug. 18: “Three hours a day (London’s afternoon, New York’s morning) now account for ~23% of all the XRP that changes hands on-chain. A year ago, it was ~14%.” The pattern appeared across XRPL order books, automated market maker pools and cross-currency payments. The firm also reported about $900M in RLUSD (RLUSD)-XRP volume over six months.
Evernorth, which has a pending Nasdaq listing backed by Ripple, acknowledged that ledger data cannot show whether banks, trading desks or automated systems caused the shift. That makes institutional-demand claims circumstantial. The firm added: “Nothing about XRP closes at 5pm. But we’re definitely seeing some rush hours.”
The disagreement follows weeks of unstable trading around $1. XRP was near $1.01 when the bearish count appeared, after a 2.5% daily decline linked to the Senate’s failure to advance the Clarity Act before recess, then rose about 15% overnight to roughly $1.15. That swing explains why $1 remains the key test for both scenarios.
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