Market Veteran Shares Expectations and Target as XRP Starts a Much-Expected Move

XRP has broken down and finally started a much-expected move lower after months of consolidation within a symmetrical triangle.

At the time of writing, XRP trades at $1.14, down 4% since the start of today. The trend follows a string of sustained price declines that have seen it drop 14% this week alone.

This drop has kickstarted a bearish trend, long predicted by prominent market analyst CasiTrades. In her recent XRP price analysis, she highlighted this trend and possible price levels to watch closely following the breakdown.

Key Points

• XRP has dropped below a very important support level, aligning with the bottom of a multi-month symmetrical triangle.
• XRP has started a new 5-wave sub structure, targeting the ultimate support at $0.87.
• Currently, the third wave is in play, heading toward $0.92 before a relief pump to $1.20.
• The $0.87 support is the next buy zone, representing an area XRP could finally find stability.

The XRP Move We’ve Been Waiting For

Her X post emphasized that the broader crypto selloff is breaking fresh selling pressure on XRP. Consequently, the asset has dropped below a very important support level.

This demand zone aligns with the lower boundary of a multi-month symmetrical triangle on the 4-hour chart. Notably, this structure had contained the price since the late February dip to $1.12. The price found support within this range and has formed higher lows and lower highs.

For months, CasiTrades has been predicting that XRP would eventually break downwards from this triangle. Recent price action has brought this to fruition, with the coin dropping below the support near $1.35 to the current market price.

XRP Price Expectations

Meanwhile, the analyst noted that she has been observing the market to find out key levels to watch following the breakdown. With the aid of a new subwave colored yellow in her accompanying chart. CasiTrades highlighted how XRP could trend lower to the next major support zone.

The 5-wave sub-structure started from the last lower high at $1.55 on May 14. So far, the first and second waves have been completed following the drop to $1.26 on May 28 and the quick rebound to $1.36 on May 30.

Currently, the third wave is in play. The experienced market analyst expects this wave to end at the 1.618 Fibonacci level at $0.92. Notably, she expects this 19% drop from the current market price to be a sharp downward move.

Relief, Then Ultimate Downward Target

After the rapid move, a relief bounce could follow. This aligns with the fourth wave of the sub-structure targeting $1.20. Ultimately, the bearish target for the symmetrical triangle breakdown is the support at $0.87, representing a 23% drop from here.

CasiTrades had earlier called this the next buy zone, an area she expects XRP to finally find stability. She sees this point as a good area to buy the coin, in anticipation of the next measured move upwards. Interestingly, she does not expect XRP to remain around this support for long, predicting a quick price rebound to higher prices after shaking off weak hands.

In the meantime, XRP remains in a clear downtrend, with prices on track for the fifth consecutive red daily candlestick. Nonetheless, it remains above the February 6 low of $1.12, a level that market analysts will closely watch.

XRP liquidation data continues to surge, with $24.24 million in longs wiped out of the market in the past 24 hours. This is out of the $25.05 million in total liquidations during this period. Open interest has dropped 9%, and futures outflows have also increased, reflecting a cautious market environment.