XRP correction may be ending: targets $0.93 to $0.87
XRP is rebounding slightly after a prolonged correction that followed its breakout to a seven-year all-time high about a year ago. The token lost key supports at $3.00 and $2.00, then dropped to around $1.01 in late June/early July, and is now near $1.07—still more than 70% below the prior peak.
Technical analyst CasiTrades says the latest move may represent a final 5-wave impulse down, potentially completing “Wave 2.” The projected path is: a sharp decline toward $0.93, followed by a bounce back to $1.00, which would then act as major resistance. If XRP rejects near $1.00, the final low could form around the macro support at $0.87.
Other analysts cited in the article lean toward a similar bottom zone for XRP, with some expecting a low between $0.80 and $0.90. ChartNerd is mentioned as warning that consecutive lower highs could pressure the price to below $1.00.
The trading takeaway is that multiple observers view XRP’s near-term structure as “cleanse then expand”: a last dip to support levels could reduce weak hands before the next broader uptrend. In the short term, traders may watch $1.00 as a make-or-break resistance and $0.87 (and potentially $0.80–$0.90) as the likely completion area for the correction in the coming weeks/months.
Bullish
The article frames XRP as nearing the end of a long correction, with analysts pointing to a potential final dip and then a transition into the next uptrend phase. This is inherently constructive: it suggests a defined risk zone (major support around $0.87, with a possible broader $0.80–$0.90 range) and a clear invalidation/decision level ($1.00 as resistance after a bounce).
Historically, when traders see repeated “lower timeframe impulse down” counts approaching a major macro support, it often coincides with capitulation and subsequent mean-reversion rallies—at least temporarily—because sell pressure is exhausted. If XRP rejects from $1.00 and then finds buyers near the stated support, short-term momentum could flip bullish, improving the odds of a relief rally.
For the long term, the narrative matters less than execution: if the correction completes as expected, it can restore confidence in market structure and attract trend-following buyers. However, the bearish alternative remains credible: if XRP breaks down through $0.80–$0.87 without reversal, it would imply the correction is not complete, extending the drawdown and keeping volatility elevated.
Overall, because the dominant scenario described is “correction likely finishing, then expansion,” the expected market impact is bullish—conditional on XRP respecting the referenced support zone.