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$XRP may face more downside despite posting modest gains over the past 24 hours.
A recent Elliott Wave breakdown suggests the $XRP corrective phase has not yet finished. According to CoinMarketCap data, $XRP is trading at $1.14, up 2.07% over the last day. However, the broader trend remains weak. $XRP is down 17% over the past month and has lost 37.67% since the start of the year.
Elliott Wave Signals Further Weakness
Notably, the Elliott Wave analysis suggests $XRP remains trapped in a corrective structure. Based on the examination, lower prices could come before a meaningful recovery begins.
The Elliott Wave count shows $XRP breaking below a descending trendline. The current move may represent the final stage of a five-wave correction. Downside targets are based on Fibonacci retracement levels.
The first major support level sits near the 50% Fibonacci retracement at $0.9859. A move to that level would represent a decline of about 13.5% from the current price.
If selling pressure continues, $XRP could fall toward the 61.8% retracement at $0.7367. That would amount to a drop of roughly 35.4%.
The analysis also outlined a worst-case scenario near the 78.6% retracement level at $0.4865. Reaching that target would mean a decline of nearly 57.3% from current levels.
$XRP Breaks Key Support as Whale Selling Intensifies
An Earlier analysis by The Crypto Basic revealed that $XRP has fallen below the crucial $1.15 support level. Recent recovery attempts have repeatedly failed, with rallies topping out at progressively lower levels ($1.28, $1.25, and $1.22) before facing renewed selling pressure.
The token recently dipped to $1.12 and remains vulnerable unless it can reclaim $1.15. Bearish sentiment is reinforced by on-chain data. According to Santiment, whales sold over 30 million $XRP in the last five days, while network activity has dropped roughly 50% in two weeks.
$XRP Recovery Targets Remain Intact
While the short-term outlook remains bearish, the analysis points to significant upside potential once the correction is complete.
The first recovery target is the 38.2% retracement level at $1.7028. That would represent a gain of about 49.4% from $XRP’s current price.
A rally to the 50% retracement level at $1.9743 would deliver gains of around 73.2%. Meanwhile, a move to the 61.8% level at $2.2890 would result in a roughly 100.8% increase, effectively doubling $XRP’s value.
The most bullish target on the chart is the 78.6% retracement level at $2.8256. Reaching that price would require $XRP to climb nearly 148% from current levels.
While promising, the Elliott Wave outlook for now suggests $XRP’s correction is not yet complete. As a result, traders may continue to brace for lower prices before the next bull run.