XRP's price action currently hovers just above $2, yet a detailed technical analysis of its mid-term charts reveals a more intricate corrective structure on the horizon. Despite its immediate position, the cryptocurrency could experience a final bullish surge before potentially facing a downturn.
XRP's Next Move: A C Wave Surge Anticipated
According to an analysis by CasiTrades, XRP is poised for one more upward push before its market structure shifts. This forecast outlines a developing Elliott Wave sequence, suggesting an initial price increase before opening the door to a potential breakdown if critical support levels are breached. The recent pullback to $2.03 over the last 48 hours is identified as a deeper B wave than initially anticipated, unfolding into a full ABC move and landing near the 0.618 Fibonacci retracement level at $2.09. This retracement, though deeper, remains consistent with Elliott Wave theory and does not invalidate the overall structure. With the B wave likely in place, attention now turns to an anticipated C wave push. CasiTrades highlights the "golden retracement" near $2.26 as the primary upside target. A further extension could see XRP reaching the $2.28 region, where the golden pocket and the 1.236 extension converge, marking a dense resistance area. This zone is reinforced by prior reaction highs and overlapping Fibonacci projections. The C wave is expected to subdivide into five smaller waves, which should foster a bullish sentiment. However, price behavior within the $2.26 to $2.28 band will be crucial for confirming both the broader outlook and the possibility of a subsequent correction.
Post-C Wave: The Shadow of Correction Looms
While the immediate outlook points to a bullish C wave, a significant downside risk remains upon its completion. The analysis suggests that a rejection at the projected resistance levels ($2.26-$2.28) could initiate a larger Wave 3 move downwards. Should this rejection materialize decisively, XRP might embark on a sustained decline, bringing the macro support region around $1.65 back into play. The confirmation of this bearish trajectory will heavily depend on the formation of the C subwaves and whether price demonstrates a clear and definitive rejection at the upper targets.
