XRP Still Favors Lower Prices as Elliott Wave Suggests Correction Not Over

XRP may face more downside despite posting modest gains over the past 24 hours. 

A recent Elliott Wave breakdown suggests the XRP corrective phase has not yet finished. According to CoinMarketCap data, XRP is trading at $1.14, up 2.07% over the last day. However, the broader trend remains weak. XRP is down 17% over the past month and has lost 37.67% since the start of the year.

Elliott Wave Signals Further Weakness

Notably, the Elliott Wave analysis suggests XRP remains trapped in a corrective structure. Based on the examination, lower prices could come before a meaningful recovery begins.

The Elliott Wave count shows XRP breaking below a descending trendline. The current move may represent the final stage of a five-wave correction. Downside targets are based on Fibonacci retracement levels.

The first major support level sits near the 50% Fibonacci retracement at $0.9859. A move to that level would represent a decline of about 13.5% from the current price.

If selling pressure continues, XRP could fall toward the 61.8% retracement at $0.7367. That would amount to a drop of roughly 35.4%.

The analysis also outlined a worst-case scenario near the 78.6% retracement level at $0.4865. Reaching that target would mean a decline of nearly 57.3% from current levels.

XRP Breaks Key Support as Whale Selling Intensifies

An Earlier analysis by The Crypto Basic revealed that XRP has fallen below the crucial $1.15 support level. Recent recovery attempts have repeatedly failed, with rallies topping out at progressively lower levels ($1.28, $1.25, and $1.22) before facing renewed selling pressure.

The token recently dipped to $1.12 and remains vulnerable unless it can reclaim $1.15.  Bearish sentiment is reinforced by on-chain data. According to Santiment, whales sold over 30 million XRP in the last five days, while network activity has dropped roughly 50% in two weeks.

XRP Recovery Targets Remain Intact

While the short-term outlook remains bearish, the analysis points to significant upside potential once the correction is complete.

The first recovery target is the 38.2% retracement level at $1.7028. That would represent a gain of about 49.4% from XRP’s current price.

A rally to the 50% retracement level at $1.9743 would deliver gains of around 73.2%. Meanwhile, a move to the 61.8% level at $2.2890 would result in a roughly 100.8% increase, effectively doubling XRP’s value.

The most bullish target on the chart is the 78.6% retracement level at $2.8256. Reaching that price would require XRP to climb nearly 148% from current levels.

While promising, the Elliott Wave outlook for now suggests XRP’s correction is not yet complete. As a result, traders may continue to brace for lower prices before the next bull run.