Analyst Predicts Further XRP Dip Before Significant Bullish Rebound
XRP, the cryptocurrency associated with Ripple, has recently faced a notable downturn, struggling to maintain its position above the $3.00 mark and experiencing a drop below $2.90 in the past 24 hours. This period of weakness, characterized by a persistent downward trajectory, has prompted leading crypto analyst DustyBC Crypto to issue a bearish short-term forecast, albeit with an optimistic long-term view.
XRP's Current Price Action: A Wave 4 Correction
According to DustyBC Crypto's analysis, the recent price movements of XRP are part of a broader "Wave 4 correction" within the Elliott Wave theory. This corrective phase follows XRP's ascent to a new all-time high of $3.65 on July 18, which concluded the "Wave 3 impulse." Since reaching that peak, XRP has seen its price decline by approximately 22.5%. The analyst projects that this correctional period is not yet complete, anticipating a further descent into the $2.60-$2.65 range before Wave 4 ultimately bottoms out, setting the stage for its next major move.
Long-Term Outlook Remains Bullish
Despite the immediate bearish forecast, DustyBC Crypto emphasized that the long-term outlook for XRP remains strongly bullish. He advised traders to exercise caution with short-term positions and urged long-term holders to consider the current price weakness as a strategic "discount territory" for accumulating more XRP. The eventual "Wave 5 bounce" is expected to propel XRP past its previous all-time high of $3.65. The critical test ahead for XRP will be its capacity to establish and sustain support around the $2.6 mark if it indeed reaches that level, before positioning itself for this anticipated upward surge. As of the latest update, XRP is trading at $2.80, reflecting a minor 1.4% decrease over the last 24 hours.
