XRP May Need to Drop Further Before Rebound, Analysis Suggests

Market analysis suggests that XRP's price may still have room to drop further before it can recover from the current downturn. According to Casi, a prominent market commentator, the cryptocurrency needs to decline below $1 to flip the bearish trend.

The Wave 2 structure, which is currently dictating XRP's price action, consists of an ABC sub-structure. The B sub-wave resulted in a correction from the high of $1.46 to a low of $1.38, with Casi expecting this to be followed by a rebound in the C sub-wave.

However, after the conclusion of the C sub-wave, XRP is expected to correct in Wave 3, potentially pushing prices to a range between $0.87 and $1.09. This correction would allow XRP to gather enough strength to rebound and change its current downward trajectory.