A day after peaking above $3.10 for the second time in a week, XRP tumbled on Sept. 19, shedding 3.8% of its USD value to $3. Although the digital asset’s movement mirrored that of the wider crypto economy, XRP has seemingly struggled to capitalize on recent positive developments and news reports.

These developments include the launch of the first U.S.-listed exchange-traded fund (ETF) to provide exposure to XRP, as well as Grayscale’s unveiling of the first multi-asset crypto exchange-traded product (ETP). In addition to these, XRP issuer Ripple also dominated headlines after launching a tokenized asset framework in collaboration with DBS and Franklin Templeton.

XRP’s 24-hour losses all but erased gains it had made during the week, a trend mirrored by other high-capitalization digital assets. This has prompted some experts to question whether it will see another new all-time high before the end of the year. Crypto analyst Casitrades warned that XRP could now be headed for a “deeper correction” after failing to make a new local high. According to the analyst, a pattern is emerging that points to a low closer to $2.90 as the furthest XRP is likely to go before a reversal.

“The pattern is setting up an ABC with C-wave targets in the low $2.90s, specifically around $2.92 – $2.94. These levels align with both the .618 retracement and the measured C-wave extension, This is the next critical support to defend if $2.98 breaks,” Casitrades argued in a Sept. 19 post on X.

To buttress this assertion, the analyst highlights the one-hour and four-hour timeframes, which are “not yet seeing bullish divergence,” often a precursor to a reversal. “That points to the probability of another wave lower into the $2.90 support zone,” the analyst concludes. However, on the smaller 15-minute timeframes, a bullish divergence is observed which Casitrades said is “providing a short-term reaction from $3.00.” Nevertheless, Casitrades argues that without confirmation on higher timeframes, a drop closer to $2.90 appears more likely.

Concluding the post, the analyst suggested that XRP was at a critical moment that could determine its direction in the near future.

“If it can defend $2.98, we may see consolidation and an eventual move back to resistance levels ($3.25/$3.44). But if that support fails, then $2.92–$2.94 will be the key zone to watch for a stronger rebound and potential momentum shift,” Casitrades stated.

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