Crypto analyst Hov has reaffirmed a bullish outlook for XRP, highlighting a significant rebound of over 50% after the asset hit a key support zone. According to Hov, the expanded flat correction phase appears to be complete, setting $5.50 as the next major resistance level. The analyst's Elliott Wave analysis indicates that XRP is entering a new upward cycle, with the current movement identified as part of Wave IV. Hov further suggests a macro target for XRP between $8.00 and $9.00, with historical support levels around $1.50–$1.80 having been retested. The price action is consistent with a potential Wave V impulse leg, signaling a continued bullish trajectory for the cryptocurrency.