Eseandre Mordi
● Trader CasiTrades recently posted an analysis indicating XRP is nearing the end of its correction phase. After bouncing off Wave 4 resistance around $2.68, the token shows bearish momentum that could push it down to support levels at $2.42, $2.03, and ultimately $1.65. Breaking below $2.42 would likely confirm Wave 5 is underway, with $1.65 (the 0.618 macro retracement) as the probable bottom.
● This potential decline comes as the crypto sector grapples with stricter tax rules and compliance demands globally. Tougher regulations on crypto profits and international reporting could hurt smaller exchanges and drive talent away from blockchain projects. A market pullback during this regulatory shift might further squeeze liquidity and slow innovation.
● While a near-term drop would reduce trading profits and tax revenue, a recovery could restore capital gains income later. Some in the industry suggest that rather than adding new taxes on trading or mining, governments should adjust corporate profit tax rates for major crypto firms—a more balanced approach that supports innovation without draining public budgets.
XRP looks ready for its final drop… Once the bottom forms, the next impulse should be fast and obvious, cutting through resistance on the way to new highs. As CasiTrades put it
● CasiTrades' analysis points to a major bullish Wave 3 impulse once Wave 5 completes. Wave 3 is typically the strongest phase in Elliott Wave theory. Traders are watching RSI for oversold readings and bullish divergence, which would signal exhausted selling and a possible reversal.
Eseandre Mordi
