The analysis focuses on XRP/USD, discussing two potential Elliot Wave scenarios: a five-wave impulse to the upside or a three-wave corrective move. The key question is whether the market has formed a local low. The presenter highlights that if the price action shows impulsive moves on the upside, it could signal the start of a larger five-wave move. However, a more conservative interpretation suggests a corrective three-wave move is more likely. The immediate focus is on the support area between $1.19 and $1.36. The presenter mentions that if XRP can break above $1.46, it would be a positive sign for bulls. The current price is trading around $1.37.