Count the weekly highs since late September: 1.658, 1.562, 1.531, 1.421, 1.399, 1.344, 1.341. Seven weeks, seven lower highs.
That is what a correction looks like, and it needs saying first that it is a correction. In August XRP went from 0.988 to 1.70 in a single week and closed at 1.52. The big trend is still up. What we are watching now is that move getting worked off.
Last week XRP closed under 1.271, and this week it kept falling, deeper into quarterly bearish territory. Down here price grinds, slow and choppy, and every bounce has stopped lower than the one before.
The bearish case
The line that matters is 1.130. A weekly close under it opens the way to 0.961, the next level and the top of the lower shaded zone. The first touch of 0.961 usually gets bought, and a bounce back toward 1.130 is the more common next step from there.
Invalidation
A weekly close back above 1.271 ends the bearish case and puts XRP back in neutral territory, with the Pivot at 1.402 above.
I will post updates on the daily chart in the comments.
