An analysis said XRP’s medium- to long-term rally scenario hinges on whether it can hold support at $0.98.

Blockchain outlet The Crypto Basic reported on Nov. 6 that analyst Kathy Trade said XRP is likely to extend an upward move if it holds that price area, but a break could widen the correction to $0.87.

Kathy Trade said, citing an Elliott wave chart, that XRP has effectively reached a crossroads for its next direction. XRP traded around $1.10 after sliding sharply in just a week, and broader market selling pressure has also increased. She warned XRP does not have much time to defend current levels.

She laid out 2 scenarios for XRP’s longer-term path. The bullish scenario assumes XRP holds the prior low of $0.98 recorded in August. If that level holds, she said it would leave room for a rebound and keep the existing bullish outlook intact. If XRP makes a new low below $0.98, she said it shifts to a bearish scenario and a macro wave-2 correction could extend to $0.87.

The chart cited Fibonacci price levels to watch during the corrective phase at $1.09 to $1.10, $1.26, $1.53 and $1.64. Kathy Trade stressed that every Fibonacci line on the chart is meaningful.

She also laid out upside targets if XRP gets past the short-term correction. Assuming the bullish Elliott wave structure remains intact, Kathy Trade set $2.89 to $3.28 as an upside extension target. She said a move to $4.70 to $5.00 could also be open after that. She added that these targets would hold only if XRP maintains its upward structure after finishing the current correction.

Her latest assessment extends her earlier outlook. Kathy Trade has said XRP could test $1.10 again before completing a wave-2 correction. At the time, she pointed to $1.125 as a temporary pause zone, and said a bullish relative strength index divergence near a lower target area could help confirm a bottom.

Another analyst, ChartNerd, warned against excessive fear over the recent decline. He urged investors not to panic, and said the drop could be viewed as an opportunity to lower an average entry price. An analysis comparing the long-term chart with prior market cycles also laid out the possibility of a double-digit XRP price.

ChartNerd set long-term targets of $8.4, $13.60 and $27 based on Fibonacci extension ranges. Those correspond to the 1.272, 1.414 and 1.618 extensions. He also calculated that reaching $8.4 from current levels would require a gain of about 550 percent, while reaching $27 would need about a 2,100 percent rise. He said the price levels he presented were also framed as projections that could take years.

That leaves XRP markets focused on whether $0.98 can be defended in the near term, and on whether the correction can end within a bullish structure.

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