Analyst Says XRP Price Is Yet To Hit Its First Bearish Target – Details

XRP has been facing a stretch of weakness in recent days, struggling to hold above the $3.00 mark and instead pushing downwards below ￰0￱ action on the 4-hour chart shows the token moving within a downward structure, and it broke below $2.9 in the past 24 ￰1￱ is within this context that crypto analyst DustyBC Crypto shared a bearish outlook, pointing out that XRP has not yet reached its first downside target and warning that more decline could still unfold before it enters any new ￰2￱ Reading: Ethereum Bullishness: Ark Invest Boss Scoops $16-M More In BitMine Stock XRP Wave 4 Correction In Progress According to crypto analyst DustyBC Crypto, XRP’s recent moves are part of a broader corrective ￰3￱ his latest update shared on the social media platform X, he explained that the XRP/USD pair has yet to reach its first bearish target, which he identifies as part of a larger wave 4 ￰4￱ analysis is based on the Elliott Wave structure, which is characterized by three bullish and two corrective impulse waves.

Notably, the analyst’s Elliott Wave count shows that XRP has been playing out a corrective Wave 4 move since it peaked at a new all-time high price of $3.65 on July 18, a move that ended the Wave 3 ￰5￱ on the Elliott Wave theory, Wave 4 is a brief correction move after Wave 3 just before another bullish Wave 5. Interestingly, the XRP price has declined by about 22.5% since it reached this all-time high. DustyBC’s analysis has been following this downtrend move in a series of technical analyses that goes as far back as ￰6￱ to DustyBC, XRP’s price is expected to continue dropping before eventually setting up for a bullish wave 5 ￰7￱ chart shared by the analyst indicates that XRP could continue to decline until it reaches the $2.65 to $2.60 price range before Wave 4 eventually bottoms out.

Long-Term Perspective Is Positive Despite the bearish short-term forecast, DustyBC noted that the overall outlook for XRP is ￰8￱ admonished traders not to rush into positions if they are not comfortable with short trades, and long-term holders should instead view the current weakness as discount territory to accumulate more ￰9￱ has struggled to maintain upward momentum in the past few days, and this lends voice to the notion of a corrective Wave 4 ￰10￱ shown in the 4-hour chart above, XRP was rejected at the $3 price level some days ago, and this has led to a further decline in the past 48 ￰11￱ Reading: A New Vision For Money: Hoskinson Predicts Bitcoin Will Hit $10 Trillion Nonetheless, the long-term outlook is bullish, and a Wave 5 bounce could lead to a push to new all-time highs above $3.65.

The decisive test now lies in whether XRP can hold support around $2.6 if it reaches there before positioning itself for the next wave ￰12￱ the time of writing, XRP is trading at $2.80, down by 1.4% in the past 24 ￰13￱ image from Unsplash, chart from TradingView