XRPs price action is trading just above $2, but the technical analysis of the medium-term charts shows a more complex correction structure for what comes next.
According to a technical analysis shared by CasiTrades on The analysis chart outlines a developing Elliott Wave series that could first lift the price of XRP higher and then open the door for a breakdown if support levels fail.
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B wave troughs indicate upcoming wave C peak
Technical analysis of XRP’s price action on CasiTrade’s 1-hour candlestick timeframe chart provides an interesting prospect showing that XRP could potentially correct below $2 in the coming days. However, this correction will only occur after XRP completes a Wave C move that puts the price above $2.2.
The wave C in turn is expected to play out after the recent drop to $2.03 in the last 48 hours. According to CasiTrades, XRP’s recent pullback unfolded as a deeper B-wave than initially expected. Instead of forming a tight consolidation, the price followed a full ABC move and fell into the 0.618 Fibonacci retracement around $2.09. However, this depth does not invalidate the structure. Such a motion corresponds to a B wave in Elliott Wave theory.
This retracement coincides with clustered Fibonacci levels and prior intraday support, and the next possible move from here is the next leg higher within the larger Wave 2 structure.
Now that the B wave is likely in place, attention turns to the expected C wave push. CasiTrades identifies the golden retracement near $2.26 as the primary upside target, with a possible extension into the $2.28 region where the golden pocket and the 1.236 extension meet. The chart highlights this zone as a dense resistance area, reinforced by previous reaction highs and overlapping Fibonacci projections.
This C wave is expected to divide into five smaller waves. If this plays out as expected, XRP’s price action should feel bullish due to its clean subwave development. How the price behaves as it approaches and responds to the $2.26 to $2.28 range will be critical in confirming the broader outlook and whether a correction will occur.
XRP price chart. Source: @CasiTrades on X
A post-C rejection could drag XRP to $1.65
The The current focus is on a possible push higher, but there is still downside risk after the C wave completes. The analyst expects that a rejection could be the start of a larger Wave 3 move down after XRP reaches expected levels around $2.26 to $2.28.
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If this rejection clearly materializes, XRP could begin a sustained decline with the macro support region around $1.65 coming back into focus. However, the confirmation of this bearish path depends on how the C subwaves form and whether the price delivers a decisive rejection.
Featured image from Unsplash, chart from TradingView