XRP’s price action has remained soft as sellers cap short-lived rebounds and a key resistance zone near $1.31 holds, according to market analysis from trader CasiTrades. The analyst’s roadmap anticipates a continuation lower toward $1.09–$1.06 before a potential relief bounce, with a broader move targeting the $0.87 macro support.
Relief Bounces Fade at 38.2% Fibonacci
CasiTrades noted that recent XRP rebounds have repeatedly stalled around the 38.2% Fibonacci retracement, a sign that sellers retain control despite intermittent relief moves. The analyst also observed a renewed burst of selling pressure within a single-hour window earlier this week, suggesting volatility could pick up after a period of slower, grinding declines.
Key Levels to Watch
- Resistance: $1.31 is viewed as a key barrier and the “Wave 4 extreme” within the current structure. Hesitation at this level is consistent with resistance tests following corrective moves.
- Near-term downside: A developing Wave 3 to the downside targets roughly $1.09, with possible extensions toward $1.06.
- Potential relief zone: After a Wave 3 completion, a Wave 4 rebound could retrace into the $1.22–$1.31 area before encountering renewed resistance.
- Macro support: The broader bearish structure projects toward the $0.87 zone if resistance continues to hold and momentum weakens.
Outlook Under Elliott Wave Framework
The analysis is framed within Elliott Wave and Fibonacci dynamics, where failing bounces and lower highs reinforce a downside structure. If $1.31 remains intact as resistance, CasiTrades expects the downtrend to persist into the $1.09–$1.06 region, followed by a corrective rally and, ultimately, a test of $0.87. While the move has unfolded more slowly than anticipated, the analyst’s bias remains toward continuation lower unless XRP can reclaim and hold above the identified resistance.
Background on XRP
XRP is the native digital asset of the XRP Ledger, a public blockchain designed to facilitate fast, low-cost value transfers, including cross-border payments. The token is widely followed by traders due to its liquidity, active derivatives markets, and sensitivity to technical levels during periods of broader crypto market volatility.