Ripple’s XRP Is Finishing The Correction It Started a Year Ago: What’s Next?

1 hour ago 1

Here's what needs to play out in the following weeks and months for XRP to validate one analyst's view.

It was a year ago this month when the cross-border token stole the show, rode the bull train, and did what many thought was impossible: it broke its all-time high after seven years of pain and suffering.

Since then, though, the correction has been quite severe. XRP lost the $3.00 and $2.00 support levels in the following months before it collapsed to $1.01 during the late June and early July crash. Despite rebounding slightly to $1.07 as of press time, its price action remains highly depressed, struggling at over 70% below last year’s all-time high.

However, here comes CasiTrades’ positive news for the Ripple bulls as the popular analyst believes XRP’s year-long correction might finally be close to an end.

Over Soon?

In her latest analysis on the token’s price performance, she noted that the lower timeframes have shown a potential final 5-wave impulse down, which might take it to the major macro support at $0.87. Several analysts have weighed in on the matter lately, indicating that XRP might indeed bottom somewhere between $0.80 and $0.90.

According to CasiTrades’ vision on how the probable leg down will materialize, she noted that the first wave will be a sharp decline toward $0.93. The subsequent bounce will take the asset to $1.00, which would now serve as major resistance, and the rejection is likely to deliver the aforementioned bottom at $0.87.

“That final move would complete the macro Wave 2 correction and finish off the correction we’ve spent the last year building! The odds still favor one final low into support before the next major trend begins!”

Interestingly, ChartNerd offered a rather identical prediction for the cross-border token, suggesting that the consecutive lower highs can spell trouble and send it to well under $1.00.

What Follows Will Be Massive?

CasiTrades, alongside a few other analysts, believes the aforementioned leg down would be necessary for XRP to cleanse its current market structure and the so-called weak hands before it enters its next phase of expansion. MikybullCrypto also joined the bullish wave, noting that the token is forming something “massive.”