Technical Outlook and Elliott Wave Analysis
According to Elliott Wave analysis from CasiTrades, XRP could potentially surge toward $2.28 before a breakdown drags the token below $2 and possibly to $1.65.
Technical analysis shared on X suggests that XRP is in the process of completing a corrective wave structure on the 1-hour chart. The recent pullback to $2.03 over the past 48 hours represents a deeper B wave than initially anticipated.
The price fell into the 0.618 Fibonacci retracement level, which is around $2.09. This depth remains consistent with the principles of Elliott Wave theory.
CasiTrades has identified the golden retracement near $2.26 as the primary upside target. There is a possibility of an extension into the $2.28 region, where the golden pocket and the 1.236 extension converge.
The analyst expects the C wave to subdivide into five smaller waves.
Downside Risks and Bearish Scenarios
The analyst anticipates a rejection at the resistance band between $2.26 and $2.28. Such a rejection could trigger a larger Wave 3 move to the downside.
If this rejection materializes cleanly, XRP could commence a sustained decline toward the macro support level located around $1.65.
Confirmation of this bearish path will depend on the formation of the C subwaves and whether the price delivers a decisive rejection at the projected levels.