XRP Approaches Macro Breakdown Zone, Analyst Warns About One Final Leg Lower
BY
Ben Graham
|
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XRP’s price action in November has dragged it below $2, but technical analysis suggests that the breakdown might not be over.
A new technical outlook from crypto analyst CasiTrades suggests that the XRP price is entering the final stages of its corrective structure. The analyst believes the current movements are part of a clean Elliott Wave formation that is approaching its final wave to as low as $2.65 before a major bullish reversal takes place.
XRP Breaks Below Fibonacci Levels As Wave Structure Unfolds
XRP’s volatility has intensified in recent days as the cryptocurrency continues to unwind into new November lows. Price action across the major exchanges shows a steady decline beneath retracement levels that have pushed XRP into deeper corrective territory.
CasiTrades noted that XRP’s drop beneath the 0.5 Fibonacci retracement on Coinbase was the move that confirmed further downside. According to the analyst, she had already warned that a failure of this level would open the door to a wave of selling toward the extended Wave 3 support at roughly $1.84. XRP reached that target with precision, while Binance’s chart tagged its own macro .5 level around $1.88.
The current bounce back above $1.9 might be looking like a reversal but is actually a subwave 4 relief move. This means XRP is temporarily recovering from deeply oversold conditions, yet the core market structure still points to one more leg lower before the trend shifts.
Based on the Fibonacci map and wave count, the technical outlook is for XRP to retest familiar resistance levels around $2.00 or $2.09 before the final decline begins.
$1.65 As The Final Level To Complete Correction
The most important area in CasiTrades’ outlook is the macro 0.618 support, located close to $1.65. This level aligns across both Coinbase and Binance and sits at the heart of the analyst’s projection for where Wave 5 of the correction should land.
The chart above shows a descending wedge meeting the macro support, along with an RSI trend that has continued building a bullish divergence. These signals suggest that momentum is flattening. However, CasiTrades believes that XRP dipping into the $1.65 region would mark the moment the correction concludes.
The analyst also pointed out that Bitcoin’s chart is moving in harmony with XRP’s structure. At the time of writing, Bitcoin has approached its own macro 0.382 retracement but has not fully reached it yet.
The expectation is that XRP’s final leg to $1.65 will occur simultaneously with Bitcoin sliding to a clean $80,000 touch. CasiTrades projects Bitcoin entering its Wave 5 advance into new all-time highs shortly after touching its support.
If that scenario plays out, both assets would complete their macro supports at the same moment, setting the stage for a synchronized bullish reversal.
At the time of writing, XRP is trading at $2.02.
Featured image from Gemini, chart from TradingView