XRP Wave C Push On The Way: What Could Send Price Below $2?
XRP’s price action is trading just above $2, however technical evaluation of mid-term charts reveals a extra advanced corrective construction for what comes subsequent.
According to a technical evaluation shared by CasiTrades on X, XRP should have another bullish push forward earlier than the construction turns decrease. The chart displaying the evaluation outlines a growing Elliott Wave sequence that might first elevate XRP’s value larger, then open the door to a breakdown if assist ranges fail.
B Wave Dips Hint At Coming Wave C Surge
Technical analysis of XRP’s value motion on the 1-hour candlestick timeframe chart by CasiTrade proposes an fascinating outlook that reveals XRP would possibly find yourself correcting under $2 within the coming days. This correction, nevertheless, will solely play out after XRP finishes a Wave C transfer that takes its price above $2.2.
The wave C, in flip, is expected to play out after the current pullback to $2.03 previously 48 hours. According to CasiTrades, XRP’s current pullback unfolded as a deeper B wave than initially anticipated. Instead of forming a decent consolidation, value traced out a full ABC transfer and fell into the 0.618 Fibonacci retracement round $2.09. This depth, nevertheless, doesn’t invalidate the construction. Such a transfer is in line with a B wave within the Elliott Wave concept.
This retracement coincides with clustered Fibonacci ranges and prior intraday assist, and the following attainable transfer from right here is the following leg larger throughout the bigger Wave 2 construction.
Now that the B wave is probably going in place, the eye is in the direction of the anticipated C wave push. CasiTrades identifies the golden retracement close to $2.26 as the first upside goal, with a attainable extension into the $2.28 area the place the golden pocket and the 1.236 extension converge. The chart highlights this zone as a dense resistance space, bolstered by prior response highs and overlapping Fibonacci projections.
This C wave is predicted to subdivide into 5 smaller waves. If this performs out as anticipated, XRP’s value motion ought to really feel bullish by way of its clear subwave improvement. However, the best way value behaves because it approaches and reacts to the $2.26 to $2.28 band might be essential for confirming the broader outlook and if a correction is subsequent.
XRP Price Chart. Source: @CasiTrades on X
A Post-C Rejection Could Drag XRP To $1.65
The current focus is on a possible push larger, however there’s nonetheless a draw back threat after the C wave is full. The analyst expects a rejection that might change into the start of a bigger Wave 3 transfer to the draw back after XRP reaches the projected ranges round $2.26 to $2.28.
If that rejection materializes cleanly, XRP might start a sustained transfer decrease, with the macro assist area round $1.65 coming again into focus. Confirmation of this bearish path, nevertheless, is dependent upon how the C subwaves kind and whether or not value delivers a decisive rejection.
Featured picture from Unsplash, chart from TradingView
