Potential Drop to Key Fibonacci Levels

Crypto analyst CasiTrades has projected a potential price decline for XRP, identifying the current market action as a corrective pattern consistent with Elliott Wave theory. According to the analysis, XRP is in a “Wave 2” correction that could push its price down to the macro 0.5 Fibonacci support level.

CasiTrades also noted that these corrective phases can often extend further, potentially reaching the 0.618 Fibonacci level. While this points to a deeper short-term drop, the analyst suggested that such a move could establish a base for a future rally toward new all-time highs, though no specific timeline was provided.

Market Context and Invalidation Point

The bearish scenario would be nullified if XRP secures a decisive break above the macro 0.382 Fibonacci level, which currently acts as a key resistance.

This technical forecast arrives as XRP has declined in value over the past 24 hours. The token has faced market headwinds despite rising institutional interest, which includes several pending applications for XRP-based Exchange-Traded Funds (ETFs) awaiting regulatory approval.

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