XRP has slipped to the fourth position and is down by more than 14 percent in the last 24 hours. The price is slightly trading above the $2 level at the time of writing. XRP has tested a key breakout point and the 2021 high, and this retest has resulted in a strong rebound. However, the price has not yet surpassed any previous highs, indicating that further movement is needed to establish an upward trend.
The current market structure suggests that XRP may still be in the fourth wave of a larger correction. After a three-wave decline in wave A, followed by a three-wave rise in wave B, XRP is now experiencing the C-wave decline. Despite the rebound, the price has not surpassed previous highs, which means further movement is needed for confirmation of an upward trend.
Potential for More Downside
Despite the rebound, it is still possible, even likely, that we could see one more low. There is no confirmation yet that the low has been established. During liquidity events, such as those we’ve been seeing recently, rapid price movements make it difficult to pinpoint the micro-structure of the waves. While another dip cannot be ruled out, it’s important to note that the price has already hit the 100% extension of the A-wave, which is a common target for a C-wave.
Next Support Levels
If the price continues to move downward, the next support levels to watch are around $1.85, where we see an overlap of two key support zones, followed by $1.78 and $1.66. The market is still following the forecasted path, and it’s crucial to monitor how the broader crypto market, including Bitcoin, behaves, as this could impact XRP’s next move.
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