XRP Will Dip One More Time Before Its Cycle Top, Analyst Warns

XRP XRP/USD appears to be in the final stages of its bull run but could retest bull market support band ahead of a top, according to a prominent analyst.

What Happened: Benjamin Cowen stated in his latest podcast that XRP could correct in September.

He expects the token to test its bull market support band around $2.60–$2.70, like in previous cycles.

While XRP has rallied from a double-bottom formation against Bitcoin BTC/USD, Cowen notes that its Satoshi valuation remains at the same levels as August 2021, underscoring its long-term sideways trend relative to BTC.

He highlights that XRP's risk metric has repeatedly spiked into the 0.8–0.9 range, where rallies have historically failed, and warns that if it pushes into the extreme 0.9–1.0 zone in the coming months, that will likely mark the cycle top.

Historical precedent reinforces caution, as XRP has previously suffered 60%–80% drawdowns during bear markets, and a similar correction is expected in 2026.

Also Read: Bitcoin, Ethereum, XRP, Dogecoin Edge Higher As Sentiment Stabilizes

Why It Matters: Cowen added that September often brings a shift in Bitcoin dominance, which could pressure XRP/BTC as liquidity rotates back into Bitcoin.

Still, he acknowledges XRP's improved relative strength this cycle, with the token printing higher highs compared to its 2020–2021 performance.

His framework suggests a September pullback, followed by a potential October bounce toward final cycle highs, though he cautions against chasing "crazy" late-cycle price targets.

For XRP holders, risk management is critical: if the token fails to reach extreme risk levels by year-end, it likely won't this cycle.

Longer term, Cowen emphasizes measuring performance in Satoshis rather than dollar, reminding investors that most altcoins tend to bleed back to Bitcoin across cycles.

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