An analysis said XRP could go through two more major price waves before the bear market ends even if it extends a short-term rebound.

Decrypt, a blockchain media outlet, reported on Sept. 7 that crypto market analyst RWA_Investor forecast XRP may only enter a full-fledged bullish phase after another major correction following a sharp rise.

The analysis interpreted XRP's recent moves within a broader corrective pattern. RWA_Investor viewed the current move as part of a W-X-Y structure under Elliott Wave guidelines. The analyst said XRP could rise first into the $1.87 to $2.11 range and then attempt further gains. The main upside target is $2.64 to $3.09. "After XRP rises again, it will face another major correction," the analyst said, adding that volatility could increase before the next major uptrend.

The analysis also said reaching the high-$2 to low-$3 range would not mark the end of the correction. On the chart, XRP could be pushed back to around $1.42 after rising to that zone. One more major downward wave remains, and the analyst set a final Wave Z target of $0.7451. That is about 46 percent below the current level. RWA_Investor said, "After a strong rally, another large wave of selling needs to emerge for the entire corrective pattern to be completed."

The market is split between the short-term moves and the long-term scenario. XRP is trading at around $1.39 and is down 1.38 percent over the past 24 hours. Over the past month, it is up about 35 percent. The current price is also above the $1.0357 Fibonacci level that the analyst viewed as a key support. That leaves the $1.40 level as a near-term line to defend, with attention on attempts to break through resistance at $1.87 and $2.11.

Another analyst is more optimistic. XForceGlobal said XRP could rise to the $3 to $4 range if it first reaches $2 and the uptrend continues. The analyst said the recent pullback could be the "last correction" before another rally. XRP had earlier fallen more than 22 percent from $1.70, but then rebounded from $1.31 to around $1.40.

On the supply-demand side, a drop in exchange holdings was cited as a basis for bullish views. Binance's XRP holdings fell by about 500 million, from 3.1 billion coins in November 2025 to 2.6 billion now. That suggests investors may be moving coins into private wallets for long-term holding.

As a result, the XRP market is highlighting both the possibility of a near-term resistance break and the risk of additional medium- to long-term corrections. Even if the rebound continues, the next variables will be whether a correction widens again after the area around $3, or whether shrinking exchange holdings lend more support to the upward move.