XRP Price Set for Deeper Correction: $0.92–$0.87 Targets
Crypto analyst CasiTrades says XRP is entering the most important phase of its correction after breaking below a key support level. Using an Elliott Wave count, she expects a “Wave 3” decline with stronger selling momentum.
Key levels are now central to the XRP trading outlook. The chart shows XRP losing an ascending support trendline near $1.17, and projections point to an initial drop toward $0.92. That $0.92 zone is tied to the 1.618 Fibonacci extension and is expected to align with broader support near $0.87.
CasiTrades also outlines a three-step sequence: (1) sell-off toward ~$0.92, (2) a relief rally back toward ~$1.20, and (3) a final test of the major $0.87 support area. An oversold read on the 4-hour RSI is cited as a sign that selling momentum may be weakening.
Bullish risk case: if buyers respond aggressively after a Wave 3 low, XRP may not need to fall all the way to $0.87. The first strength signal would be a decisive recovery above resistance, especially a break over $1.30.
For traders, this is an actionable technical setup focused on XRP support/resistance and Fibonacci levels, with near-term downside risk but a clear invalidation level if XRP reclaims $1.30.
Bearish
The article frames XRP as breaking down after months of consolidation, with an Elliott Wave scenario suggesting a “Wave 3” decline. When price loses a well-watched support trendline (here near $1.17) and Fib extension targets (around $0.92, then $0.87) come into play, traders often see increased probability of trend continuation lower—at least in the short term.
Short-term impact: downside bias toward ~$0.92, then potential volatility during a relief bounce toward ~$1.20. Even with RSI moving toward oversold, oversold does not automatically mean reversal; it often means sellers may be slowing while direction remains bearish until a resistance reclaim occurs.
Long-term/conditional impact: the bullish alternative is clear—if XRP rallies strongly and can break and hold above ~$1.30, the bearish wave count may be invalidated, turning the $0.87 area into a potential base rather than a target.
Similar historical market behavior: after support breaks in major assets, traders frequently reposition from “range trading” to “breakdown trading” (waiting for retests or lower targets). If the breakdown holds, drawdowns can extend toward Fib/structure levels; if buyers reclaim key resistance, the move often reverts into a broader recovery phase.