- XRP has fallen below its $1.31 support, risking a sharp 33% drop toward $0.87, with a brief relief rally possible around $1.27.
- Despite the short-term downtrend, analysts remain bullish on XRP’s long-term potential, with targets ranging from $6 to $80 per coin.
XRP is showing signs of weakness after slipping below a critical support level, sparking fears of a potential 33% drop. Analysts suggest that while a brief relief rally may occur, further declines are likely before the altcoin regains long-term bullish momentum.
XRP Breaks Critical Support
On Thursday, XRP tested sub-$1.31 levels, briefly dipping to $1.281 after a fresh macroeconomic update put pressure on the market. Although the price has reclaimed $1.315, the overall trend remains bearish. Market analyst CasiTrades noted that the coin’s breakdown below the 0.618 Fibonacci support signals strong bearish control.
The alignment of price action with RSI patterns confirms that bears dominate, leaving little room for a bullish reversal in the short term.
First Downward Target: $1.05–$1.09
CasiTrades forecasts that XRP could see a sharp correction toward the $1.05–$1.09 range, a drop of roughly 16–20% from current levels. This range aligns with the 0.786 Fibonacci retracement and marks the completion of wave 3 in a broader Elliott Wave corrective pattern.
Traders should expect this area to act as temporary support before any relief rally.
Brief Relief Rally Before Final Drop
A minor recovery, or wave 4 uptrend, may push XRP back to $1.271, representing a potential 21% bounce from the lower range. However, this rebound is likely short-lived. Analysts anticipate one final leg down toward $0.87, coinciding with the 0.854 Fibonacci retracement. This scenario would see XRP dropping about 33% from current market levels.
CasiTrades has consistently marked this dip as a necessary step for the altcoin before the bearish trend can fully reverse.
Long-Term Outlook Remains Bullish
Despite the ongoing correction, the long-term potential for XRP remains positive. Analysts remain optimistic, with targets ranging from $6 to as high as $80 per coin in the mid- to long term. CasiTrades believes XRP’s $3.6 all-time high is unlikely to be its peak, while others forecast significant growth following multi-year pattern breakouts.
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