XRP Price Plunges Below $1.70 Amid ABC Correction: Is $0.65 Next?

• XRP breaks $1.70 support, triggering $67.7M in long liquidations.
• EGRAG projects a $0.65 target if the price fails to reclaim $3.50.

XRP continues to weaken after failing to hold key levels in recent sessions. The asset has dropped sharply, triggering a fresh wave of bearish momentum. EGRAG Crypto emphasized the importance of $2.65 as a decisive resistance. At the time of writing, XRP trades around $1.75, down over 16%, with traders eyeing further downside risks.

Breakdown Below $1.70 Sparks Bearish Continuation

XRP fell from $2.08 to a low near $1.64, breaching the $1.70 support level. This confirmed a Loss of Key (LOK) structure, exposing the asset to deeper corrections. According to Coinglass, over $67.7 million in XRP open positions were liquidated during this drop, with $58.11 million tied to long positions.

Source: Coinglass

The sharp liquidation wave fueled sell-side pressure, compounding bearish momentum. Open interest has dropped below $3 billion, with funding rates decreasing. This indicates dominance by short sellers and shows fading confidence among bullish traders. 

Additionally, on-chain data shows a drop in active wallet addresses, reflecting lower participation and weakening recovery chances. The current trend signals mounting downside risks unless a sharp bounce occurs.

EGRAG Crypto: ABC Correction Still Active

EGRAG Crypto stated that XRP remains locked in an irregular ABC correction pattern. He explained that failure to close above $2.65 with firm conviction keeps the C wave in motion. The C wave, he added, unfolds in a five-wave structure, which is in line with the Elliott Wave theory.

Source: EGRAG on X 

According to EGRAG, the current structure fits an expanded flat formation where the C wave drops lower than the A wave. He noted that he had repeatedly updated the same chart, emphasizing that this corrective move was incomplete. His analysis has gained more traction following XRP’s latest breakdown.

As previously reported by CoinCryptoNews, EGRAG Crypto also identified a larger Ascending Broadening Wedge (ABW) pattern on higher timeframes. This setup allows for two scenarios: a drop to $0.65 or a breakout toward $17. According to EGRAG, XRP must close above $3.50 for the bullish scenario to activate.

XRP Price Analysis and Long-Term Outlook

The daily chart shows XRP breaking below the lower Bollinger Band and hitting $1.615, marking the lowest point in several months. The 9-day moving average is now $2.04, well above current prices. Meanwhile, the average cost is nearly $1.82, reinforcing the bearish structure. MACD readings have deepened in negative territory, showing strong downward momentum.

Source: TradingView

Unless XRP closes above $2.00 soon, another drop to $1.50 appears likely. The technical indicators and market sentiment remain skewed toward sellers. A recovery would require reclaiming the $2.22 zone to confirm short-term strength.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.