XRP's Price Drop Sparks Concerns of Further Drops

XRP has suffered a significant blow after falling below its key support level of $1.31, raising concerns among investors about further price drops. Market analyst CasiTrades is warning that the altcoin may experience a sharp correction before potentially stabilizing and then dropping again.

According to CasiTrades' analysis, XRP's current downward trend will likely continue with an initial target of $1.05-$1.09 range. This move would complete wave 3 in a broader corrective Elliott Wave pattern and represents a significant drop from the current price. However, she does not expect this correction to be a straight move, predicting instead that XRP will experience a brief relief rally before another downturn.

After visiting the $1.05-$1.09 range, CasiTrades expects a brief recovery up to the 0.50 Fibonacci level at $1.271. From there, she anticipates one final leg down to the macro support of $0.87, representing a significant 33% drop from the current market price.