Usman Salis
XRP continues its technical correction phase, trading within analyst expectations despite recent weakness. The cryptocurrency has declined from recent highs but remains aligned with Elliott Wave projections, making the current $2.75 support level crucial for determining the next directional move.
XRP Price Under Pressure but Still Following the Plan
XRP has been gradually declining, appearing to complete what technical analysts identify as a corrective Wave IV pattern. The 12-hour chart shows XRP approaching the $2.80 zone, with the critical green support area around $2.75 representing the minimum downside target.
This pullback aligns with normal Elliott Wave cycle expectations rather than indicating fundamental weakness. Respected trader @TheDustyBC emphasized that XRP's recent price action matches his previous analysis, stressing that patience remains key as the token consolidates near correction targets before potentially launching its next upward move.
The XRP/USD chart displays a structured decline from the $3.80 peak into corrective territory. The breakdown from the previous yellow channel has driven prices lower, confirming near-term bearish pressure. The RSI momentum indicator has cooled significantly, suggesting a healthy reset following the previous strong rally.
The $2.75 level serves as primary downside support. If XRP successfully holds this zone, a rebound could signal Wave IV completion and prepare the market for the next impulsive Wave V higher. Conversely, a decisive break below this support might trigger deeper retracement levels before any recovery attempt.
What's Next for XRP Price?
The current correction phase represents technical necessity rather than long-term bearishness, as healthy pullbacks often precede higher price targets. Successful market navigation requires patience and disciplined approach during these consolidation periods.
XRP traders are closely monitoring buyer response at the $2.75 support zone. A strong defense of this level would likely trigger renewed bullish momentum and confirm the corrective phase's end.
Usman Salis
