Crypto Analyst Says XRP Price Will Crash 80% To $0.10, What’s The Trigger?

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As an experienced crypto investor, I’ve seen my fair share of market analysis and price predictions. However, every prediction comes with a certain degree of uncertainty and risk. The recent analysis by the TradingView user Without Worries on the XRP price has raised some concerns for me.

Over the past weekend, XRP‘s price experienced a rebound and has since kept some of this upward trend going. Nevertheless, several market experts are not optimistic about the altcoin’s future and believe it may be in for a significant decline. One crypto analyst even forecasts a potential crash for XRP’s price.

XRP Price On The Verge Of An 80% Crash

As a crypto investor closely following the market trends, I’ve come across a worrying analysis by a respected figure in the community known as Without Worries on TradingView. This expert’s assessment of XRP‘s price movement over the past two years raises red flags for me. The data suggests that the altcoin might be due for a significant drop rather than continuing its upward trajectory.

Crypto analysts have observed that XRP‘s price movement followed an uptrend pattern over the past two years. Generally, this trendline acted as a protective barrier, enabling the cryptocurrency to maintain its upward trajectory. Nevertheless, recent developments have signaled a breakdown in this support level. Once this breach is confirmed, it could potentially trigger a reversal for XRP.

Crypto Analyst Says XRP Price Will Crash 80% To $0.10, What’s The Trigger?

As a crypto analyst, I’ve noticed that the recent failure of channel support for the coin came following a potential price top after it breached market structure in April 2022. Consequently, I anticipate a reversal from this point and a possible crash to prices last seen in 2020.

Analysts predict that the value of the token could drop as low as $0.1 if it crashes, representing a substantial decline of over 80% from its current price of approximately $0.5.

Could The Uptrend Continue From Here?

As a researcher studying the cryptocurrency market, I can propose a possible situation for the XRP price trend. If this scenario unfolds, the XRP price may persist in its current upward trajectory. To maintain this trend, the price would need to remain within its established channel and robustly uphold its existing support level.

I’ve analyzed the price action and found that it has moved outside of the channel. At present, the key level to watch is $0.3. If this level holds, then the uptrend should persist. The analyst adds that if this support fails, the next level to consider could be 10 cents lower.

The analyst thinks it’s a possibility that the price will join the upward trend within the channel. But, he cautions that this outcome seems unlikely based on current market conditions, as the price has already broken its previous support level.

Despite currently experiencing a 1.33% decrease in value over the past day, the price of XRP sits above $0.52. However, the digital asset has managed to register a 2.82% increase in value during the last week. At present, XRP holds the 7th position among cryptocurrencies with a market capitalization of approximately $29.3 billion.

Crypto Analyst Says XRP Price Will Crash 80% To $0.10, What’s The Trigger?

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2024-05-28 03:22