XRP’s price fell below $2 in November, and technical analysis indicates the decline may not be over. According to crypto analyst CasiTrades, XRP is nearing the end of its corrective phase. The analyst views the current price movements as part of a clear Elliott Wave pattern, expecting a final drop to around $2.65 before a significant bullish reversal begins.
XRP’s volatility has increased recently as it hits new lows for November. The price has steadily fallen below key retracement levels, deepening its correction. CasiTrades highlighted that XRP breaking below the 0.5 Fibonacci retracement on Coinbase signaled further downside. She had previously warned that losing this level could lead to a sell-off toward the extended Wave 3 support near $1.84. XRP accurately reached this target, while on Binance, it touched the macro .5 level around $1.88.
The current rebound above $1.9 may appear to be a reversal but is actually a temporary relief rally within the fourth subwave. This means XRP is recovering from oversold conditions, but the overall market structure still suggests one more decline before the trend changes.
Based on Fibonacci levels and wave analysis, the technical outlook expects XRP to retest resistance around $2.00 to $2.09 before the final downward move.
The key level in CasiTrades’ analysis is the macro 0.618 support near $1.65, which aligns on both Coinbase and Binance charts. This is where she anticipates Wave 5 of the correction will end. The chart shows a descending wedge meeting this support, with the RSI indicating bullish divergence, suggesting momentum is slowing. CasiTrades believes a drop to $1.65 would complete the correction.
She also noted that Bitcoin’s price action is mirroring XRP’s structure. Bitcoin is approaching its own macro 0.382 retracement but hasn’t fully reached it yet. The expectation is that XRP’s final leg down to $1.65 will coincide with Bitcoin touching $80,000. After hitting support, CasiTrades projects Bitcoin will begin its Wave 5 advance toward new all-time highs. If this happens, both assets could complete their corrections simultaneously, paving the way for a coordinated bullish reversal.
At the time of writing, XRP is trading at $2.02.
Frequently Asked Questions
Of course Here is a list of FAQs about XRP nearing a critical support level designed to be clear and helpful for all levels of investors
General Beginner Questions
1 What does critical support level mean
A support level is a price point where an asset like XRP has historically stopped falling and started to bounce back A critical one is a major longstanding level that if broken could lead to a significant further price drop
2 Why is the price of XRP dropping
Cryptocurrency prices are influenced by many factors including overall market sentiment negative news large selloffs by investors or a general downturn across the entire crypto market
3 What happens if XRP breaks below this support level
If the price closes decisively below this level it often triggers more selling as traders who were counting on that level to hold now exit their positions This can create a snowball effect pushing the price down to find the next lower support level
4 Should I sell my XRP now
This is a personal financial decision Some might sell to avoid further potential losses while others might see it as a buying opportunity if they believe in the longterm value Its crucial to never invest more than you can afford to lose
5 Could the price go to zero
For a major established cryptocurrency like XRP the probability of it going to absolute zero is extremely low However it can still experience very significant price declines
Advanced Strategic Questions
6 How do analysts identify these key support levels
They use technical analysis looking at historical price charts to spot levels where the price has repeatedly reversed direction after a decline Common tools include horizontal support lines moving averages and Fibonacci retracement levels
7 What is the difference between a break and a false breakout below support
A true break is when the price closes significantly and with high volume below the support level confirming the breakdown A false breakout is a brief lowvolume dip below support that quickly reversesessentially a trap for sellers
8 If it drops further where might the next support level be
Analysts look at the next significant historical low on the chart This could be a price zone from several months or even years ago where buying interest