XRP Price Action Raises Concerns About Sharp Correction

XRP's recent price action has left investors wondering about its future prospects. The altcoin fell below a key support area, prompting market analysts to re-evaluate their predictions.

According to CasiTrades, XRP tested the sub-$1.31 level on Thursday, briefly breaking down from a key support area. This move could lead to further downsides, with a potential sharp price correction targeting the $1.05-$1.09 range first.

The analyst's chart shows an RSI triangle breakdown on the hourly chart, indicating that bears are in control of the market. The alignment between price and RSI leaves no room for bullish divergence, confirming downward momentum dominates proceedings.

CasiTrades predicts a brief relief rally in the form of a wave 4 uptrend after visiting this area, pushing XRP to the $1.271 level before one final leg down. This would culminate in a 33% drop from the current market price, reaching the $0.87 macro support.

Despite the persisting downtrend, the long-term price target for XRP remains bullish, with some analysts viewing it as conservative to hit the $6 mark. Other predictions include a breakout from a multi-year triangle to reach $27 or even $80 per coin in the mid- to long term.