XRP has been facing a section of weakness in recent days, struggling to stay above the $ 3.00 brand and, instead, pushing down below. The price action in the 4 -hour table shows that the Token moves within a descending structure, and broke below $ 2.9 in the last 24 hours.
It is within this context that the cryptographic analyst Dustybc Crypto shared a bearish perspectivepointing out that XRP has not yet reached its first objective down and warning that even more decrease could develop before it enters any new upward trend.
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XRP 4 wave correction in progress
According to cryptographic analyst DustyBC Crypto, recent XRP movements are part of a broader corrective structure. In Your last update Shared on the social media platform X, he explained that the XRP/USD torque has not yet reached its first bearish objective, which identifies as part of a larger Wave 4 correction.
The analysis is based In Elliott’s wave structurewhich is characterized by three waves of bullish impulse and two of corrective impulse. In particular, the analyst’s Elliott wave count shows that XRP has been playing a corrective movement of Wave 4 since it reached its maximum point at a new historical price of $ 3.65 on July 18, a movement that ended the impulse of Wave 3.
Based on Elliott’s wave theory, Wave 4 is a brief correction movement after Wave 3 just before another upward wave 5. Curiously, the XRP price has decreased by approximately 22.5% since it reached this maximum of all time.
DustyBC’s analysis has been After this peer tendency movement In a series of technical analysis that date back to mid -August. According to DustyBC, the XRP price is expected to continue falling before eventually preparing for a recovery of Wave 5 bullish. The picture shared by the analyst indicates that XRP could continue to decrease until the price range of $ 2.65 to $ 2.60 reaches before Wave 4 finally out.
The long -term perspective is positive
Despite the short -term bearish forecast, DustyBC said that the general perspective for XRP is upward. He warned merchants not to hurry to positions if they do not feel comfortable with short exchanges, and long -term holders should see current weakness as a discount territory to accumulate more XRP.
XRP has struggled to maintain an ascending impulse in recent days, and this gives voice to the notion of a corrective movement of the 4. As shown in the 4 -hour table up, XRP was rejected in The price level of $ 3 a few days ago, and this has led to a greater decrease in the last 48 hours.
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However, the long -term perspective is upward, and a rebound of Wave 5 could lead to an impulse to new historical maximums above $ 3.65. The decisive test now lies in itself XRP can maintain a support of around $ 2.6 if you get there before placing yourself. For the next higher wave.
At the time of writing, XRP is quoted at $ 2.80, at 1.4% in the last 24 hours.
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