Market Veteran Shares Expectations and Target as X...

$XRP has broken down and finally started a much-expected move lower after months of consolidation within a symmetrical triangle.

At the time of writing, $XRP trades at $1.14, down 4% since the start of today. The trend follows a string of sustained price declines that have seen it drop 14% this week alone.

This drop has kickstarted a bearish trend, long predicted by prominent market analyst CasiTrades. In her recent $XRP price analysis, she highlighted this trend and possible price levels to watch closely following the breakdown.

Key Points

$XRP has dropped below a very important support level, aligning with the bottom of a multi-month symmetrical triangle.

$XRP has started a new 5-wave sub structure, targeting the ultimate support at $0.87.

Currently, the third wave is in play, heading toward $0.92 before a relief pump to $1.20.

The $0.87 support is the next buy zone, representing an area $XRP could finally find stability.

The $XRP Move We’ve Been Waiting For

Her X post emphasized that the broader crypto selloff is breaking fresh selling pressure on $XRP. Consequently, the asset has dropped below a very important support level.

This demand zone aligns with the lower boundary of a multi-month symmetrical triangle on the 4-hour chart. Notably, this structure had contained the price since the late February dip to $1.12. The price found support within this range and has formed higher lows and lower highs.

For months, CasiTrades has been predicting that $XRP would eventually break downwards from this triangle. Recent price action has brought this to fruition, with the coin dropping below the support near $1.35 to the current market price.

$XRP Price Expectations

Meanwhile, the analyst noted that she has been observing the market to find out key levels to watch following the breakdown. With the aid of a new subwave colored yellow in her accompanying chart. CasiTrades highlighted how $XRP could trend lower to the next major support zone.

$XRP Subwave Target/CasiTrades

The 5-wave sub-structure started from the last lower high at $1.55 on May 14. So far, the first and second waves have been completed following the drop to $1.26 on May 28 and the quick rebound to $1.36 on May 30.

Currently, the third wave is in play. The experienced market analyst expects this wave to end at the 1.618 Fibonacci level at $0.92. Notably, she expects this 19% drop from the current market price to be a sharp downward move.

Relief, Then Ultimate Downward Target

After the rapid move, a relief bounce could follow. This aligns with the fourth wave of the sub-structure targeting $1.20. Ultimately, the bearish target for the symmetrical triangle breakdown is the support at $0.87, representing a 23% drop from here.

CasiTrades had earlier called this the next buy zone, an area she expects $XRP to finally find stability. She sees this point as a good area to buy the coin, in anticipation of the next measured move upwards. Interestingly, she does not expect $XRP to remain around this support for long, predicting a quick price rebound to higher prices after shaking off weak hands.

In the meantime, $XRP remains in a clear downtrend, with prices on track for the fifth consecutive red daily candlestick. Nonetheless, it remains above the February 6 low of $1.12, a level that market analysts will closely watch.

$XRP liquidation data continues to surge, with $24.24 million in longs wiped out of the market in the past 24 hours. This is out of the $25.05 million in total liquidations during this period. Open interest has dropped 9%, and futures outflows have also increased, reflecting a cautious market environment.