XRP has been struggling to hold it above $3.00 lately and has struggled to push it downwards instead. The 4-hour chart price action shows that tokens move within a downward structure, indicating that they have fallen below $2.9 in the last 24 hours.
Crypto analyst Dustybc Crypto is in this context We shared a bearish outlookpointing out that XRP has yet to reach its initial minus-side target and is warning that it could decline further before entering a new upward trend.
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XRP Wave 4 correction in progress
According to Crypto analyst DustyBC Crypto, recent movements in XRP are part of a broader corrective structure. in His latest update Shared on social media platform X, he explained that the XRP/USD pair has yet to reach its first bear target.
It is the basis of the analysis On the structure of Elliott’s wavescharacterized by three bulls and two corrective impulse waves. In particular, analyst Elliott’s wave count shows XRP is making a corrective wave 4 move as XRP peaked on July 18th at a new all-time high of $3.65.
Based on Elliott’s Wave theory, Wave 4 is a short corrective movement after wave 3 just before another bull wave 5. Interestingly, XRP prices have fallen by around 22.5% since reaching this all-time high.
That’s what DustyBC’s analysis is Following this downtrend movement With a series of technical analysis dating back to mid-August. According to DustyBC, XRP prices are expected to continue to fall before they are set up for bullwave 5 recovery in the end. Charts shared by analysts show that XRP can continue to decline until it reaches the price range of $2.65 to $2.60.
The long-term perspective is positive
Despite the bearish short-term forecast, DustyBC noted that the overall outlook for XRP is bullish. He warns traders not to rush to their position if they are not satisfied with short trading, and long-term holders should instead consider their current weaknesses as discount areas to accumulate more XRP.
XRP has struggled to maintain its upward momentum over the past few days, which gives a voice to the concept of a correctional wave four movement. As shown in the 4-hour chart above, XRP was rejected A few days ago there was a price level of $3, which has resulted in a further decline in the last 48 hours.
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Nevertheless, the long-term outlook is bullish, with the Wave 5 bounce potentially leading to a push to a new all-time high of over $3.65. The decisive test is whether XRP can hold about $2.6 if it gets there before placing itself High for the next wave.
At the time of writing, XRP has fallen 1.4% over the past 24 hours, trading at $2.80.
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