XRP is now entering a phase known as the ‘washout zone’, according to Korean crypto analyst and Elliott Wave expert, XForceGlobal.
At the time of writing, the XRP price is currently at $1.4284, down 0.07% since it opened early Thursday in the Asian session.
This phase is often associated with high selling pressure, where late-entry investors begin to lose confidence and exit the market.
However, in his view, this situation is not a sign of a prolonged decline, but rather a preparation for the next big surge.
XForceGlobal explains XRP’s current movement as part of an expanded flat correction structure.
The previous rise to the highest level was considered a ‘fake out’, while the current drop is Wave C, an emotional phase where the market ‘cleans out’ buyers at the peak of the price.
This pressure usually ends when sellers run out of energy, not simply because the price is cheap.
He sees the $1.50 to $1.08 area as a key battle zone between buyers and sellers, potentially forming a bottom before a reversal occurs.
From a long-term perspective, XRP has previously broken out of a multi-year triangle pattern and surged nearly 500%, indicating a solid foundation for a new bullish cycle.
If this corrective phase is completed and the next impulsive move begins, XForceGlobal believes XRP has the potential to surge to $20 to $30 levels in the next cycle stage, with the $6 level expected to be a key profit-taking zone along the way.
