XRP Approaches Macro Breakdown Zone, Analyst Warns About One Final Leg Lower
Overview
XRP’s recent price movement has brought it below $2, raising concerns among analysts about a potential further decline. Technical analysis indicates that XRP may be in the final stages of a corrective structure, suggesting more volatility ahead before a possible bullish reversal.
Technical Analysis of XRP’s Price Movement
In November, XRP’s price has faced significant downward pressure, dropping below the $2 mark. The current analysis by crypto analyst CasiTrades points to the possibility that XRP is nearing the end of its corrective phase. This phase is characterized by a clean Elliott Wave formation, with expectations of a final wave decline towards approximately $2.65 before a potential bullish turnaround occurs.
Breakdown Below Fibonacci Levels
XRP’s volatility has increased recently, as the cryptocurrency has continued to hit new lows for November. Data from major exchanges indicate a steady price decline that has pushed XRP further into a corrective phase. Notably, CasiTrades highlighted that XRP’s drop below the 0.5 Fibonacci retracement level on Coinbase confirmed the likelihood of additional downside movement.
The analyst had previously indicated that a failure to maintain this Fibonacci level would lead to further selling pressure, targeting an extended Wave 3 support at around $1.84. This target was met precisely, with Binance’s chart reflecting a similar macro 0.5 level around $1.88.
Although XRP has bounced back above $1.90, this movement is interpreted as a temporary relief from oversold conditions rather than a definitive trend reversal. The underlying market structure continues to suggest that one more leg down is likely before any significant trend change occurs.
Final Correction Level Identified
CasiTrades has identified a critical area in the analysis, pinpointing the macro 0.618 support near $1.65. This level is consistent across both Coinbase and Binance and is central to the analyst’s projection for where the final Wave 5 of the correction is expected to conclude.
The analysis reveals a descending wedge formation that intersects with this macro support, alongside an RSI trend indicating a developing bullish divergence. These factors suggest that momentum may be stabilizing. However, a dip into the $1.65 range is viewed as a defining moment that would signal the end of the correction phase.
CasiTrades also noted that Bitcoin’s price action appears to be aligned with XRP’s structure. At the time of this analysis, Bitcoin was approaching its macro 0.382 retracement but had not yet fully reached it. The projection is that XRP’s final decline to $1.65 may coincide with Bitcoin’s movement towards a clean touch of $80,000. If this scenario unfolds, both cryptocurrencies would potentially complete their macro support levels simultaneously, setting up the possibility for a synchronized bullish reversal.
Impact on the crypto market
- XRP’s price movement indicates significant volatility, reflecting broader market trends.
- The identification of key Fibonacci levels highlights the importance of technical analysis in predicting price movements.
- The correlation between XRP and Bitcoin suggests that the performance of one can influence the other, impacting investor sentiment.
- A potential synchronized bullish reversal for both XRP and Bitcoin could lead to increased market confidence and trading activity.
- The ongoing corrective phase may create opportunities for traders looking to capitalize on price fluctuations.
Updated: 11/23/2025, 11:18:08 AM
