XRP has been under pressure in recent days, but one top market analyst believes the cryptocurrency may be nearing the end of its current correction phase. According to analyst CasiTrades, XRP may be in the last lap of a correctional phase before resuming another strong bullish rally that could push prices to new highs.
CasiTrades shared her latest analysis on Thursday, highlighting that XRP’s recent rejection from the $3 resistance zone has led to the loss of another key Fibonacci support at $2.79. This move came as XRP experienced a sharp 6% decline on Thursday, falling from a daily high of $2.94 to close at $2.74. Notably, this was XRP’s largest single-day drop since August 19, mirroring the broader weakness across the cryptocurrency market.
Prices Could Trend Lower: Analyst
Despite the drop, CasiTrades pointed out that XRP has not set any new lows. The token briefly touched $2.72 during Thursday’s correction but still trades above its early September low of $2.70. This resilience suggests XRP is holding strong even in the face of significant selling pressure.
However, short-term signals remain bearish. The Relative Strength Index (RSI) on the hourly chart has been forming lower lows, reflecting intense selling pressure. CasiTrades initially expected a bullish divergence to form on the RSI to support a rebound, but this has not yet materialized on the lower timeframes. On higher timeframes, though, the divergence is gradually taking shape, suggesting that the retracement may soon be over.
Looking ahead, the analyst believes XRP could see one final dip before recovering. She noted that other altcoins, including Ethereum and Dogecoin, have already tested their bottom levels, while XRP might need one last leg down to fully exhaust sellers. If this happens, XRP could drop toward the bottom consolidation trendline near $2.715.
At the same time, CasiTrades highlighted $2.79 as a crucial level to watch. If XRP manages a daily close above this zone, she expects momentum to shift back in favor of the bulls, opening the door for another price surge.
Next Leg Up Targets Rally to $4.50
In her Elliott Wave analysis, she predicts that once the correction is complete, XRP will enter its third bullish wave. Initial targets include $2.99 and $3.24; however, longer-term projections indicate new all-time highs of $4.50 and $5.40. This would represent gains of more than 60% from current levels of around $2.76. XRP trades at $2.78 at the time of writing.
Evans Kelvin
