Crypto Analyst Says XRP Is In Trouble, Heres Why
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.
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The crypto analyst also alluded to the the altcoins 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 XRPs 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 hasnt 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.
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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 isnt 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
Source: NewsBTC.com
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