XRP may have already finished its latest rebound after stalling near $1.37. Analyst CasiTrades said in a post on X that the move reached the 0.618 Fibonacci retracement and then lost momentum, a setup often associated with the end of a corrective bounce inside a broader trend. Based on that reading, the analyst argues that the recovery phase is likely over and that downside pressure is taking over again.
Rejection near $1.37 keeps the corrective case intact
The recent advance failed to push through key resistance, and that has shifted the structure back toward caution. XRP is still trading inside a descending channel, with rallies repeatedly failing to break above resistance. Lower highs continue to appear across multiple timeframes, showing that sellers remain active. CasiTrades also said smaller bullish subwave patterns have been invalidated, removing part of the short-term case for a stronger recovery.
Momentum readings add little support for the bulls. The report notes that the Relative Strength Index, or RSI, remains below strong bullish territory, which suggests buyers have not regained control. Price may still swing in the near term, but the broader setup described by the analyst has not changed.
Wave 3 decline becomes the main scenario
According to the analyst’s breakdown, XRP likely completed its Wave 2 correction and is now entering a Wave 3 decline. In Elliott Wave analysis, Wave 3 is commonly viewed as a stronger directional move that can come with heavier momentum and wider price swings. That framework is central to the bearish outlook laid out in the post.
CasiTrades identified $1.09 as the next downside target, linking it to an earlier support area and to the measured extension of the current bearish structure. If selling pressure increases, the chart also points to a deeper move toward $0.85. That zone is described as a broader demand area where buyers had previously stepped in, making it a level to watch if the decline continues.
0.618 Fibonacci rejection remains a key bearish signal
The rejection at the 0.618 retracement is one of the clearest reasons behind the negative view. Traders often watch that level for signs that a corrective move is ending, and failure there can shift attention back to lower support zones. In this analysis, short-term volatility does not alter the larger structure, leaving XRP focused on whether downside risk continues to build.