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>>Beware of Getting Stuck in XRP: Analyst Warns the Price Could Still Dive to This Level

Beware of Getting Stuck in XRP: Analyst Warns the Price Could Still Dive to This Level

crypthub

about 11 hours ago

Bearish Warning Despite Bounce

Analyst CasiTrades cautions that the recent upward bounce of XRP is potentially a trap. Technical analysis suggests the current move is not a structural change but rather movement within a larger bearish pattern. The RSI shows bearish divergence, indicating momentum strength is questionable. Despite bullish candlesticks, the price has failed to create a new high above $1.4, signaling ongoing resistance.

Key Technical Indicators

The market resistance is highlighted by a completed five-wave move structure. Bearish divergence on the RSI supports the argument of impending reversal or exhaustion. Although the price is experiencing a fast rebound, nothing fundamental has changed yet. The current strength may simply be noise within the prevailing larger pattern.

Projected Downside Targets

The analysis forecasts a significant reversal into an extended crash, targeting levels below $1. Initial downside targets include $1.13, marking a return to a prior crash bottom. This is followed by a movement towards the macro support zone around $1.08. The final projected leg break is below $1, aiming for the 0.854 support at approximately $0.87.

Contrarian Bullish Level

The bearish case remains valid unless bulls reclaim a specific overhead zone. The critical support level needed for a reversal is the 0.618 zone. This target is situated around $1.40, which would need to flip into strong support for a significant change in trajectory.