Crypto analyst Alessio Rastani has recently shared his analysis of XRP, providing some concerning insights into the future price movement of the cryptocurrency. His warnings regarding potential price declines have raised eyebrows among investors and traders in the crypto space.
Rastani pointed out specific signals on the chart that indicate trouble ahead for XRP. According to his analysis using the Elliot Wave Theory, he suggested that XRP could plummet to as low as $0.13 or even lower as part of Wave C. This significant drop would represent a 100% decline from Wave B, signaling a bearish trend for the cryptocurrency.
The analyst referenced XRP’s corrective rally in 2020 when the token was declared a non-security. He highlighted that this rally overlapped, indicating a corrective bounce that typically leads to downward movements. Rastani emphasized the need for an impulsive rally to sustain XRP’s uptrend, suggesting that the current corrective rally from 2022 is not sufficient to drive the price higher.
Rastani identified key support levels at $0.41 and $0.35, pointing out that a break below these levels would confirm the downside move towards $0.2 and $0.17. He even mentioned the possibility of XRP plunging further to $0.13. The analyst predicted that this bearish trajectory could unfold over several months, potentially reaching the forecasted levels by the end of the year or 2025.
Highlighting the momentum indicator on XRP’s chart, Rastani observed a significant negative downward momentum for the cryptocurrency. He anticipated that this momentum would trigger a downward move, particularly if XRP breaches the $0.35 level. While the downward momentum has not yet materialized, Rastani believes it is imminent.
In a scenario where his bearish projections are invalidated, Rastani outlined an alternative move for XRP. If the cryptocurrency manages to surpass resistance levels at $0.64 and $0.74, it could signify a potential rally towards $1.40 for Wave C. However, he cautioned that even reaching the 2021 highs at $2 would not negate the overall bearish trend for XRP.
Rastani’s analysis paints a bleak picture for XRP, with potential further downside ahead. Investors and traders will need to closely monitor the key support levels and resistance points outlined by the analyst to determine the future direction of the cryptocurrency. As uncertainties loom over XRP’s price trajectory, caution and careful consideration are advised for those involved in trading or investing in this digital asset.
