Crypto Analyst Says ‘XRP Is In Trouble,’ Here’s Why
June 27 2024 - 6:30PM
NEWSBTC
Crypto analyst Alessio Rastani has warned that XRP is in “trouble”
following his recent analysis of the chart. He outlined certain
“strong warnings” on the chart, which showed that the crypto token
could experience further price declines. Why XRP Is In Trouble
Rastani mentioned in a video on his YouTube channel that XRP could
drop to $0.13 or even lower as part of Wave C of his analysis using
the Elliot Wave Theory. He noted that a drop to that price level
represents about a 100% decline for XRP from Wave B and a similar
corrective move to Wave A that occurred in 2020. Related
Reading: Bitwise CIO Expects $15 Billion To Flow Into Spot Ethereum
ETFs, How Will ETH React? The crypto analyst also alluded to the
the altcoin’s bounce in 2020, around the time the crypto token was
declared a non-security. He claimed that the rally then overlapped,
which suggested it was a corrective bounce. He noted that these
corrective rallies are bearish in nature as they usually resolve to
the downside. Rastani claimed that an impulsive rally is
required for XRP to continue its uptrend. That is why he believes
that XRP can still drop lower since the corrective rally from 2022
is still in play. The analyst also highlighted the support levels
at $0.41 and $0.35 as crucial, stating that a break below those
levels will serve as confirmation for the downward move to $0.2 and
$0.17. He added that XRP could even drop lower to $0.13. Meanwhile,
Rastani predicts that this move could take several months, stating
that the crypto token could drop to these levels by year-end or
sometime in 2025. He also said that the altcoin needs to stay below
the resistance levels at $0.64 and $0.74, as a break above those
levels will invalidate his projections. Rastani also
highlighted the momentum indicator on XRP’s chart, noting that
there has been a lot of “downward negative momentum” for XRP
recently, suggesting that a downward move will likely occur. He
claimed that the downward momentum hasn’t been triggered yet, but
he believes that it will soon happen, especially if the altcoin
breaks below $0.35. An Alternative Move For Price Rastani
also outlined an alternative move that XRP could make if his
projections are invalidated, although he doubts that will happen.
He claimed that if XRP manages to break above $0.64 and $0.74, that
would mean that the rally in 2022 was Wave A, and the recent drop
to around $0.40 was Wave B, thereby setting up XRP for a move to
around $1.40 for Wave C. Related Reading: Dogecoin Sees Rapid
Accumulation Amid Price Crash, Whale Transactions Soar The crypto
analyst added that XRP could also retest the 2021 highs at around
$2. However, he claimed that would mean that the next move is still
downward, suggesting that the alternative move isn’t still bullish
for XRP. He once again reaffirmed that the first scenario of XRP
dropping to as low as $0.13 was likely to happen. Featured
image created with Dall.E, chart from Tradingview.com
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