XRP’s price fell 44% to $2.06 from its multi-year high of $3.66 reached on July 18, before recovering to around $2.43. Is it finally headed for a deeper correction, or is there a more substantial rally in the cards?
XRP’s macro outlook is bullish, with some predictions calling for a $30 top. Multiple bullish catalysts include the likely approval of spot XRP ETFs in the US. XRP price action reveals a consolidation within a symmetrical triangle on the monthly chart, suggesting that it may be preparing another bullish impulse, according to analyst Egrag Crypto. In a Tuesday post on X, the analyst told his followers not to be “frustrated by the sideways chop and the boring price action.”
“frustrated by the sideways chop and the boring price action.”
Related: XRP lawyer runs again for US Senate seat in 2026
Egrag Crypto explained that XRP’s price action is similar to that seen in past cycles, where the price drops to create new levels for distribution before a major breakout. An accompanying chart showed that after an almost 50% pullback in July 2017 and December 2020, the price recovered, printing “massive” bullish monthly candles. Fellow analyst XForceGlobal said, although there are minor market inefficiencies on lower time frames, the “macro chart shows clear accumulation and a solid price floor after almost a year of distribution.”
According to the analyst, XRP distribution will continue to complete the flat period between Wave 1 and Wave 2, before making a massive move to the upside in Wave 3.
Author’s summary
XRP could see a renewed upside after a prolonged distribution phase, with catalysts including potential spot XRP ETFs; however, near-term action remains choppy as investors await larger structural moves.
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