XRP is currently navigating turbulent waters, slipping below the $3.00 mark—its recent struggles underscored by a dip to $2.80. The token, long heralded for its potential, finds itself in a downward spiral, as noted by the crypto analyst known as DustyBC Crypto. In what seems to be a classic wave correction scenario, XRP has yet to hit its first bearish target, hinting at further declines before any hopeful uptrend emerges.
The Wave 4 Correction Unfolds
DustyBC Crypto shared his insights on X, pointing out that XRP’s recent price movements fit neatly within a broader corrective structure. Using the Elliott Wave Theory—a method known for its ability to predict market cycles—he suggests that XRP is currently in the throes of a Wave 4 correction. This theory describes a pattern of three bullish waves interspersed with two corrective ones. Since hitting an all-time high of $3.65 on July 18, XRP has seen a significant 22.5% slide, marking the end of the bullish Wave 3.
The current phase, Wave 4, often emerges as a brief corrective pause before the bullish Wave 5 takes center stage. DustyBC’s analysis points towards a target range of $2.65 to $2.60, where XRP might find its footing before gearing up for the next rally. His analyses, consistent since mid-August, suggest that this downtrend is not unexpected but rather a part of the natural ebb and flow of market cycles.
The Long View: Bullish Horizons
Despite the short-term gloom, the long-term prognosis for XRP is far from dire. DustyBC emphasizes a bullish outlook beyond the current turbulence. He advises traders to tread carefully if short trades seem unappealing and encourages long-term holders to view the current dip as an opportunity—a chance to accumulate XRP at a discount.
The notion of a Wave 4 correction gains traction when considering XRP’s recent inability to breach the $3 threshold. The token’s retreat over the past 48 hours underscores this corrective movement. Yet, the horizon holds promise. Should XRP stabilize around the anticipated $2.6 support level, a Wave 5 upswing could propel it to new heights, possibly eclipsing the $3.65 benchmark. This potential for recovery is reminiscent of recent market movements where XRP jumped 6% to top market gainers.
Broader Market Context
XRP’s current predicament isn’t occurring in a vacuum. The cryptocurrency market, often volatile, has seen its fair share of fluctuations this year. While Ethereum captures headlines with bullish moves and Bitcoin garners attention with speculative trillion-dollar evaluations, XRP’s journey reflects the complex interplay of market forces and investor sentiment. This is further exemplified by recent events where crypto liquidations topped $500 million as major cryptocurrencies, including XRP, faced significant declines.
As of today, XRP is trading at $2.80, reflecting a 1.4% decline over the past day. The cryptocurrency world—always in flux—awaits XRP’s next steps with bated breath. The critical question now is whether XRP can maintain support at $2.60 before embarking on its anticipated Wave 5 rally.
In the end, while the short-term clouds may seem ominous, the long-term forecast is sprinkled with optimism—a sentiment that mirrors the inherent volatility and potential of the cryptocurrency landscape. As traders and analysts keep a close watch, the unfolding narrative of XRP remains one of cautious anticipation.
Source
This article is based on: Analyst Says XRP Price Is Yet To Hit Its First Bearish Target – Details
Further Reading
Deepen your understanding with these related articles:
- Best Altcoins to Buy Now as Ripple CEO Predicts $25T Crypto Market by 2030
- Altcoin Season? These Coins Are Soaring as Bitcoin and Ethereum Take a Breather
- Crypto whales buy $456M Ether in 'natural rotation' from Bitcoin
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
