XRP Price Drops Below $2.90 Amid Analyst’s Bearish Outlook
XRP is currently facing challenges, struggling to maintain a price above $3.00 and recently falling below $2.9. The token's 4-hour chart indicates a downward trend.
Bearish Outlook
- Analyst DustyBC Crypto highlights a bearish forecast for XRP, noting it has not reached its first downside target.
- Current price movements are part of a corrective structure, identified as a Wave 4 correction based on the Elliott Wave theory.
- XRP peaked at $3.65 on July 18 and has dropped approximately 22.5% since then.
- The analyst projects further decline, potentially reaching the $2.60 to $2.65 range before stabilizing.
Long-Term Perspective
- Despite short-term bearishness, the overall long-term outlook for XRP remains bullish.
- Traders are advised to be cautious with short trades; long-term holders may view current prices as an opportunity to accumulate.
- A potential Wave 5 bounce could lead XRP to surpass previous highs above $3.65.
- Key support to watch is around $2.6, which will determine future upward movement.
As of now, XRP is trading at $2.80, down by 1.4% in the past 24 hours.