XRP Likely to Test August Lows Before Potential Rally

Crypto technician "Charting Guy" analyzes the daily chart of XRP, suggesting that the recent rebound is corrective and likely leads to a deeper C-wave pullback towards August's lows. Key points include:

• The bounce from $2.72 to $3.38 is identified as a B wave, contrasting with other cryptocurrencies' impulsive moves.
• The annotated chart shows a five-wave sequence in progress, with waves 1 and 2 completed and a potential C wave descending toward Fibonacci levels near the August low.
• XRP was priced around $3.02881, situated between the 0.786 and 0.888 retracement levels.
• Key Fibonacci levels include:
  • 0.786 at $2.87293
  • 0.888 at $3.1273
  • 1.000 at $3.4000
• Resistance must be cleared above $3.1273 and $3.4000 to confirm a finished correction.
• Potential C-wave termination zone aligns with Fibonacci levels at $2.87293, $2.72195, and $2.55653.
• A future target for wave 5 is set at the 1.414 extension near $4.63105, with an extended target of $5.39272.
• To validate upward movement, XRP needs to hold above critical resistance levels; otherwise, a retest of $2.72195 is favored.

At press time, XRP traded at $2.96.