XRP data Price action is trading just above $2, but technical analysis of the mid-term charts shows a complex correction structure for the following.
According to the technical analysis shared by CasiTrades on X, XRP may still have one more bullish push ahead before the frame bottoms out. The chart showing the analysis reveals a developing Elliott Wave sequence that could initially increase the value of XRP, and then open the door to a breakout if support levels fail.
Related Reading
IB Wave Dips Suggest Coming Wave C Surge
Technical analysis of The price action of XRP on CasiTrade’s 1-hour candlestick time chart raises an interesting point of view indicating that XRP may end up correcting below $2 in the coming days. This correction, however, will only play out after XRP completes the Wave C movement that takes its price above $2.2.
The C wave, too, expected to play after pulling back to $2.03 in the last 48 hours. According to CasiTrades, XRP’s recent pullback has been revealed as a deeper B wave than initially expected. Instead of making a strong consolidation, the price followed a full ABC move and fell to the 0.618 Fibonacci retracement at around $2.09. This depth, however, does not invalidate the structure. Such a movement corresponds to a B wave in Elliott Wave theory.
This retracement coincides with the combined Fibonacci levels and the previous day’s support, and the next possible move from here is the next leg higher within the main structure of Wave 2.
Now that wave B is likely in place, attention turns to the anticipated push of wave C. CasiTrades identifies gold’s immediate recovery near $2.26 as a key target, with a possible extension to the $2.28 region where the gold pocket and the 1.236 extension meet. The chart highlights this area as a dense resistance zone, reinforced by previous reaction highs and Fibonacci projection overlaps.
This wave C is expected to split into five smaller waves. If this plays out as expected, XRP price action should feel bullish with its clean subwave development. However, how the price behaves as it approaches and reacts to the $2.26 to $2.28 band will be very important to confirm the broader view and if a correction follows.
XRP price chart. Source: @CasiTrades on X
Post-C Rejection May Pull XRP To $1.65
I current focus is possible push higher, but there is still downside risk after the C wave is completed. The analyst expects a rejection that could be the start of a larger Wave 3 to the tree after XRP reaches the predicted levels around $2.26 to $2.28.
Related Reading
If that rejection happens cleanly, XRP could begin a further decline, and the major support area around $1.65 returns to focus. The validity of this bearish trend, however, depends on how the C subwaves form and whether the price delivers a decisive rejection.
Featured image from Unsplash, chart from TradingView
