XRP Prices May Plummet to $1.085 as Bearish Trend Takes Over

XRP's recent bounce has been followed by a decline in price, with some analysts predicting that the cryptocurrency may drop to $1.085 or even lower.

According to an analysis from CasiTrades, XRP's push to $1.39 was a relief rally that completed a broader bearish structure. This means that prices are likely to move downwards again, potentially targeting the 0.786 Fibonacci extension level at $1.085.

The analyst expects this move to happen quickly and notes that if the market remains weak, prices could drop even further to $0.86. However, before reaching these levels, XRP may experience another relief bounce from $1.085 to around $1.20, forming wave 4 of the correction.

Despite the bearish short-term outlook, CasiTrades maintains a long-term bullish view on XRP, predicting that once the correction is over, the cryptocurrency will begin an impulsive upward move and potentially reach new all-time highs.