XRP is experiencing a significant price retracement after being rejected at $1.55. So far in May, the altcoin\u2019s price movement has been unstable, with each gain followed by a prominent dip, yet it has formed an ascending trendline. XRP finds itself in a similar situation as prices have corrected by over 7% in the past three days. Notably, the market analysis page, MCO Global, has shared some insights on this situation, discussing the altcoin\u2019s potential to sustain its trendline or be exposed to major downside targets.\n<\/p>\n
In an X post<\/a> on May 15, analysts from MCO Global have highlighted the key short-term price levels in the present XRP market structure. Given the volatile action over the past two weeks, experts concur that market participants are nervous about price direction.\u00a0However, amid this choppy price action, XRP has maintained an important micro-support zone around $1.40. Using Elliott Wave theory, the recent retest at this level aligns with wave B, when the market forms a temporary corrective bounce before initiating the final leg of the correction in wave C.<\/p>\n $XRP<\/a> Ripple continues to show choppy and nervous price action, but micro support around $1.40 is still holding for now.<\/p>\n As long as XRP stays above $1.40, another upside attempt toward $1.55, $1.58, and potentially $1.67 remains possible. Break below $1.40 and especially $1.37\u2026 pic.twitter.com\/GW5q37AD3o<\/a><\/p>\n\n