XRP's 13.44% Weekly Gain Stalls, Expert Predicts 44.07% Drop

XRP has experienced a period of growth, with its value increasing over the past few days. However, as of the latest update, this growth has stalled, with the price trading at $2.14, reflecting less than a 1% change from 24 hours prior. For the XRP price surge to continue, internal or external bullish catalysts are necessary. Analyzing price action and historical price movements can also provide insights into whether XRP is repeating past patterns, which could indicate future price movements.

Over the past week, the XRP token price has increased by 13.44%, but over the last 30 days, it has decreased by 9.67%. The price has remained stable, with a 24-hour range from $2.11 to $2.17. The current value is 44.07% lower than the all-time high of $3.84, which was reached on January 4, 2018. Technical analysis suggests that XRP could potentially reach a new all-time high.

According to crypto expert CasiTrades, the price of XRP has moved to the C Top, driven by a brief move to the 0.382 Fibonacci retracement level at $2.24. This level is seen as the high boundary of a three-wave ABC pattern, indicating a potential short-term correction and value decrease. This perspective is supported by bearish signals from the Relative Strength Index (RSI).

CasiTrades predicts that XRP will enter wave 2 of the ABC waves, where it could fall to two important retracement levels at $1.90 and $1.55, represented by the 0.5 and 0.618 Fibonacci retracements, respectively. The 0.5 Fibonacci retracement is considered a critical backtest area, while the 0.618 level is referred to as "the golden Fib retrace." Either of these supports could serve as XRP's next pivot point.

Despite the potential for a short-term correction, the overall bullish structure of XRP's price movement remains intact. A fall to these support levels could set the stage for a significant rally. According to CasiTrades' analysis, an XRP price surge to $6.50, $9.50, $13, and $26 is possible, based on the Elliott Wave Theory. These prices are identified as wave three extension targets.

To confirm a new bullish trend, CasiTrades suggests that XRP needs to break above $3.40. Even if a surge to $6.50 seems unlikely, the first target of $3.40 is achievable. Recent news about the potential launch of XRP ETFs and its possible integration with SWIFT could further boost XRP's price. With significant fundamental developments on the horizon and technical indicators supporting bullish momentum, the future of XRP appears promising.