XRP Price Outlook and Current Trends
XRP’s price in November dipped below $2, and recent technical analysis indicates that this downward trend might not be finished yet.
According to cryptocurrency analyst CasiTrades, XRP seems to be in the concluding phases of its correction structure. The analyst posits that the ongoing movement is part of a clear Elliott wave pattern, with expectations for the last wave to reach lows around $2.65 before a significant upward reversal happens.
XRP Below Key Fibonacci Levels
In recent days, XRP has experienced increased volatility, trending downwards toward new lows for November. Data from major exchanges indicates a steady decline that has pushed XRP further into corrective territory.
CasiTrades highlighted XRP’s drop below Coinbase’s 0.5 Fibonacci retracement as a concerning signal that could lead to additional losses. The analyst noted earlier warnings about what a failure at this level could mean, suggesting it would trigger a selling wave toward the extended third wave support set around $1.84. This target has now been reached, with Binance’s chart indicating a similar .5 level at about $1.88.
While the recent rise above $1.90 might appear as a recovery, it’s more akin to a temporary relief for a subwave 4. So, even though XRP is bouncing back from an oversold condition, the underlying market structure suggests there’s still a drop ahead before the trend can truly reverse.
Based on Fibonacci analysis and wave counts, it’s anticipated that XRP will revisit familiar resistance levels close to $2.00 or $2.09 before initiating its final decline.
🚨 Brace yourselves! We might be approaching XRP’s macro .618! 🚨
XRP has officially fallen below the 0.5 retracement on Coinbase, and as previously mentioned, if this level fails, the next target will be the extended Wave 3 support near $1.84. We’ve hit that mark exactly…
$1.65 as the Final Target
The critical area in CasiTrades’ analysis is the macro 0.618 support around $1.65. This level is consistent across both Coinbase and Binance and is crucial to predictions about where the fifth wave of correction might conclude.
The charts display a descending wedge approaching macro support, with the RSI trend indicating an emerging bullish divergence. These signals imply that momentum is stabilizing. However, CasiTrades believes if XRP drops to the $1.65 range, it could signify the end of the correction period.
Interestingly, the analyst pointed out that Bitcoin’s movements closely align with XRP’s structure. As it stands, Bitcoin is nearing its own macro retracement at 0.382 but has yet to reach it.
If XRP moves to $1.65, this could coincide with Bitcoin’s clean touch at the $80,000 level. CasiTrades speculates that, upon entering wave 5, Bitcoin may establish a new all-time high shortly after touching support.
Should this scenario unfold, both assets could finalize their macro supports simultaneously, potentially paving the way for a synchronized bullish reversal.
At present, XRP is trading at around $2.02.
