An analysis says XRP is facing additional downside pressure despite a short-term rebound.

The Crypto Basic, a blockchain media outlet, reported on June 20 that by Elliott Wave standards XRP's corrective phase is not over. It said XRP may test lower levels before a meaningful rebound.

XRP is down about 1 percent over the past 24 hours to trade at $1.13, according to CoinMarketCap. It is down 17 percent over the past month and has fallen 37.67 percent since the start of the year. That makes it hard to say the trend has turned despite a short-term rise.

Technically, the current move after breaking below a downtrend line may be the final leg of a five-wave correction, the analysis said. It said XRP remains trapped in a corrective structure and could see lower prices before a meaningful recovery begins.

Downside support was presented based on Fibonacci retracement levels. The first key support zone is $0.9859, the 50 percent retracement level. That implies room for an additional fall of about 13.5 percent from the current price. If selling pressure continues, a move to $0.7367, the 61.8 percent retracement, was also projected. That would amount to a drop of about 35.4 percent.

A more pessimistic scenario was also mentioned. The 78.6 percent retracement level of $0.4865 was presented as the worst-case possibility, about 57.3 percent below the current price.

Bearish market signals were also seen in other indicators. XRP fell below $1.15, previously viewed as a key support level, and repeated rebound attempts since then have failed to gain traction. Recent rebound highs have progressively declined to $1.28, $1.25 and $1.22. The pattern suggests selling pressure re-emerges at lower prices even when buying flows in. The recent low was $1.12.

On-chain indicators also tilted bearish. Based on Santiment data, whale investors sold more than 30 million XRP over the past five days, and network activity fell about 50 percent over two weeks.

If the correction ends, upside targets were also presented. The first rebound target is $1.7028, the 38.2 percent retracement level, implying upside of about 49.4 percent from the current price. The 50 percent retracement of $1.9743 implies about 73.2 percent, and the 61.8 percent retracement of $2.2890 was cited as a zone of about 100.8 percent upside. The strongest upside target is $2.8256, the 78.6 percent retracement. Reaching that level would represent a gain of about 148 percent from the current price.

The key near-term issue is whether the correction ends. For now, both technical analysis and on-chain trends suggest downside risks have not been fully resolved. Market participants are therefore watching for the possibility that XRP could face another bout of downward pressure before the next upswing.