XRP's Downtrend Accelerates: Market Analyst Predicts Potential Support Levels

XRP's downtrend has accelerated in recent days, with the cryptocurrency breaking below a symmetrical triangle that had held for months. According to market analyst Casitrades, this technical breakdown marks a long-signalled possibility, and the analyst has been tracking the development of subwaves to determine the next potential support levels.

Using a five-wave substructure, Casitrades assessed that a downward wave began from the most recent lower high of $1.55 on May 14. The first downside target presented is $0.92, implying about 19 percent additional downside from the current price. Derivatives indicators also support the bearish move, with XRP-related liquidations totalling $25.05 million over the past 24 hours.

Markets are focusing on further downside after the breakdown, but Casitrades noted that a relief rebound to $1.20 could follow. The final downside target is $0.87, which would imply about 23 percent additional downside from the current price. Casitrades also stated that XRP would not stay near this support level for long and could rebound quickly to higher prices after weak hands are cleared out.