XRP has recorded a 6% price increase and soared past the $1.40 key resistance level in the last 24 hours. However, crypto analyst CasiTrades believes this could be a “dead cat bounce” that will get bulls trapped, as nothing has really changed with the asset aside from breaking its negative monthly streak.
XRP Elliott Wave analysis points to possible retracement
According to CasiTrades, although the recent XRP price jump looks bullish, the coin is likely to suffer another price drop. The analyst cites XRP’s indicators, like the Relative Strength Index (RSI), as providing a warning of this possible decline.
Notably, XRP’s RSI is at 50.04, which suggests a neutral position. This implies that it could swing in either direction depending on investor sentiment. The immediate short-term bias suggests that traders are cautiously bullish, but any shock on the broader market could trigger a downward movement.
XRP might have climbed above the consolidation trend line, but this same level is acting as a resistance, which signals bearish momentum. If sellers overwhelm the market, CasiTrades opines that the price could dip.
The analyst also used the Elliot Wave structure to analyze the price outlook of XRP. She believes that XRP is in Wave 2 of “temporary recovery.” If the asset is unable to climb and break above between $1.51 and $1.55, it might suffer a retracement.
A reversal of the current bounce, if severe, could see the price crash to a low of $0.87, which is the next crucial support. The only way for the coin to void this bearish wave theory is for XRP to break and hold above $1.65.
As of this writing, XRP exchanged hands at $1.44, which is a 6.06% increase in the last 24 hours. The coin earlier soared to $1.46 before a slight dip. However, its trading volume remains high, as it is up by 83.77% at $3.3 billion within the same time frame.
XRP breaks five-month losing streak
The staggering volume and slight climb in price have helped XRP break out of its five-month negative streak
Since October 2025, XRP has closed in the red in double digits. In October, XRP closed down by 11.9% and stayed bearish in November and December, with -13.8% and -14.8%, respectively.
In 2026, it continued on its bearish path as January and February recorded 10.6% and 16.2% drawdowns, respectively. However, with the current bullish outlook, March has eased into the green and is up by 2.74%.
Meanwhile, XRP has outperformed Ethereum in funds flows as institutional investors moved in on the Ripple asset. These developments could support XRP’s quest to break out.
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