This repeated rejection at shallow retracement levels is a reflection of another broader issue the XRP price is currently facing: buyers are not stepping in with enough strength to change momentum. Instead, each bounce is being sold into quickly, keeping the altcoin locked in a downward structure.
Based on this count, XRP is projected to drop to as low as $1.09 during Wave 3, with intermediate subwave targets around $1.06. These levels are based on previous liquidity zones and Fibonacci retracements at 0.786 on a larger cycle and 1.618 on a lower cycle.
A temporary relief bounce is expected afterward, which would create the next impulse Wave 4. Wave 4 is expected to push the XRP price back into the $1.22 to $1.31 range. However, this move is going to be a brief correction against Wave 3, and the broader bearish trend will still be in place.
Sub-$1 Scenario Comes Into FocusAfter Wave 4 comes Wave 5, which is a continuation impulse wave in Elliott Wave theory. The most notable part of the forecast lies in how XRP ends up in Wave 5, which is the final leg of the structure. After the projected relief bounce, the analyst predicted a continuation lower toward a major macro support zone around $0.87. This price target is based on the 0.854 Fib retracement on the larger cycle.
