XRP – Corrective Move Before the Next Rally?XRP is currently showing signs of completing a corrective structure after its strong bullish rally earlier this year.
🔹 Technical Outlook:
• Price is trading inside a long-term ascending channel.
• After marking the swing high near $4.0, price seems to be unfolding a ABC corrective wave.
• Currently in wave C, with potential downside extension toward the midline of the channel (~$1.9 – $2.0).
• This zone also aligns with strong historical support and the 0.618 Fibonacci retracement of the last impulse (confluence area).
🔹 Possible Scenario:
1. Completion of wave C around $1.9 support.
2. Start of a major impulsive leg targeting the upper boundary of the channel around $6.5 – $7.0.
📊 Market Implication:
Short-term caution is needed as corrective pressure might continue, but long-term structure still supports a bullish outlook.
✅ Conclusion:
As long as XRP holds above $1.7 – $1.9 support zone, the bullish scenario remains valid. Mid/long-term traders may watch this level as a potential re-accumulation zone before the next impulsive rally.
