Crypto analyst CasiTrades has indicated that the XRP price could drop to a final low before it begins its next leg to the upside. In line with this, she highlighted the target to watch out for as altcoin looks to end this downtrend and begin its recovery.
Level To Watch As XRP Price Eyes Final Low
CasiTrades revealed in an X post that $2.715 might mark the final low for the XRP price before it begins its wave 3 impulsive move to the upside. She noted that the price level is the bottom trendline of the consolidation and, importantly, would still not make a new low in the correction. This came as the analyst highlighted that altcoin had faced a significant rejection at the $3 resistance.
Furthermore, the XRP price also lost its major .5 fib support at $2.79 and even retested it as resistance. She added that the rejection was sharp and that the Relative Strength Index (RSI) is reflecting strong pressure, which suggests that the market may need to drop to lower levels for this correction to be over. This is why she believes that token may still fall to $2.715.
Meanwhile, CasiTrades explained that the price is now forming a divergence on the higher timeframes but that the smaller timeframes haven’t fully exhausted yet. She stated that this suggests that the larger move down is unfolding as a 5th wave, but it hasn’t finished just yet, which is why the altcoin could drop lower.
The analyst added that some altcoins, such as Ethereum and DOGE, have already reached their bottom targets. Meanwhile, others, including the XRP price, require one last dip to fully exhaust the selling pressure before sentiment can shift bullish.
Key Signs To Watch For The Altcoin
As part of the key signs to watch, CasiTrades noted that the 1-hour RSI has printed a bullish divergence and is holding a clear trendline. She claimed that a final drop to this price level would help confirm exhaustion. Meanwhile, the altcoin price reclaiming $2.79 by the daily close would be a strong signal, especially if it flips it back into support.
The crypto analyst assured that the current XRP price action isn’t weakness but a shakeout. She added that tight consolidation, then volatility, and now exhausted selling are the perfect conditions needed for the next major breakout and a fresh market trend. However, crypto analyst Ali Martinez suggested that XRP could drop way lower than the projected bottom at $2.715, noting that there is a gap between $2.73 and $2.51.
At the time of writing, the XRP price is trading at around $2.78, up in the last 24 hours, according to data from CoinMarketCap.
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