XRP has been facing a stretch of weakness in recent days, struggling to hold above the $3.00 mark and instead pushing downwards below it. Price action on the 4-hour chart shows the token moving within a downward structure, and it broke below $2.9 in the past 24 hours.<\/p>\n
It is within this context that crypto analyst DustyBC Crypto shared a bearish outlook<\/a>, 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 uptrend.<\/p>\n According to crypto analyst DustyBC Crypto, XRP\u2019s recent moves are part of a broader corrective structure. In his latest update<\/a> 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 correction.\u00a0<\/p>\n The analysis is based on the Elliott Wave structure<\/a>, which is characterized by three bullish and two corrective impulse waves. Notably, the analyst\u2019s 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 impulse.<\/p>\n Based 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.\u00a0<\/p>\n DustyBC\u2019s analysis has been following this downtrend move<\/a> in a series of technical analyses that goes as far back as mid-August. According to DustyBC, XRP\u2019s price is expected to continue dropping before eventually setting up for a bullish wave 5 recovery. The 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.<\/p>\n\n Despite the bearish short-term forecast, DustyBC noted that the overall outlook for XRP is bullish. He 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 XRP.\u00a0<\/p>\n XRP has struggled to maintain upward momentum in the past few days, and this lends voice to the notion of a corrective Wave 4 movement. As shown in the 4-hour chart above, XRP was rejected at<\/a> the $3 price level some days ago, and this has led to a further decline in the past 48 hours.\u00a0<\/p>\n 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 higher.<\/a><\/p>\n At the time of writing, XRP is trading at $2.80, down by 1.4% in the past 24 hours.<\/p>\n Featured image from Unsplash, chart from TradingView<\/em><\/p>","protected":false},"excerpt":{"rendered":" XRP has been facing a stretch of weakness in recent days, struggling to hold above the $3.00 mark and instead pushing downwards below it. Price action on the 4-hour chart shows the token moving within a downward structure, and it broke below $2.9 in the past 24 hours. It is within this context that crypto […]<\/p>\n","protected":false},"author":0,"featured_media":92571,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-92570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/92570"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=92570"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/92570\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/92571"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=92570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=92570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=92570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}XRP Wave 4 Correction In Progress<\/h2>\n
Long-Term Perspective Is Positive<\/h2>\n