XRP is back at a level traders remember all too well. The cryptocurrency suffered a sharp flash crash on October 10 that sent the price crashing down from $2.82 to $1.58 before an equally fast rebound toward $2.36. Months later, that same zone is back in play, but this time without the volatility spike or immediate recovery that characterized the earlier move. 

At the time of writing, XRP is trading around $1.44, down 10.4% over the past 24 hours. This has pushed the XRP price back into the flash crash low, and the next question is

Why The October 10 Wick Low Matters So Much

According to a done by crypto analyst Hov on the social media platform X, the October 10 wick low has been one of the most important structural levels to hold on XRP’s weekly candlestick timeframe chart. 

During, the XRP price registered a low of around $1.58, which acted as a panic extreme where the XRP price snapped back quickly once forced liquidations were cleared. However, the current situation looks different. XRP has now revisited and slightly undercut that wick low , and as noted by crypto analyst Hov, things are starting to shape up.

Hov’s technical analysis framework places XRP in the final stages of an expanded flat correction, with the current decline forming the C-wave. Notably, the analyst is tracking an ending diagonal within the C-wave. This is because ending diagonals are known for overlapping price action, compressed ranges, and false breakdowns that can shake out late sellers.

If the structure holds, then XRP migh and a potential reversal sequence. If it fails, then the

$1.43 Is The Line That Changes Everything

The most important thing to note going forward is how XRP reacts at $1.43 on the weekly timeframe. Technical analysis shows that this is the level XRP must hold to keep the current structure intact. A close below $1.43 would invalidate the ending diagonal thesis and shift the outlook decisively bearish. In the analyst’s words, that is where “things get real ugly real quick.”

laid out on the chart also depends on XRP managing to hold above this $1.43 area. In that case, the projection shows the price stabilizing at this support before reversing higher and eventually going into a powerful rebound. 

Under this outlook, XRP would be entering an Impulse Wave V within a larger Elliott Wave structure. If that impulse plays out as expected, the chart points to long-term upside price targets stretching as high as $5.53.