As a seasoned crypto investor with a keen interest in technical analysis, I’ve been closely following Alessio Rastani’s latest take on XRP. His warning of potential further price declines for the token based on his Elliot Wave Theory analysis is concerning.
Expert insight from cryptocurrency analyst Alessio Rastani: XRP faces potential difficulties based on his latest chart assessment. He identified several concerning signs, indicating a possible downward trend for the crypto asset.
Why XRP Is In Trouble
As a researcher studying the cryptocurrency market, I came across Rastani’s analysis on his YouTube channel regarding XRP‘s potential price movement based on the Elliot Wave Theory. He predicted that XRP could potentially drop to $0.13 or even lower, representing approximately a 100% decline from its peak during Wave B. This price level is also similar to the corrective move experienced by XRP in the form of Wave A back in 2020.
As a crypto investor, I’ve observed that the altcoin experienced a significant bounce back in 2020, around the time it was no longer classified as a security. The analyst pointed out that this rally seemed to overlap with the previous trend, indicating it might have been a corrective one. He cautioned that such corrective rallies often lead to bearish outcomes, meaning they typically result in further price declines.
Rastani expressed his viewpoint that XRP needs a sudden surge in order to maintain its upward momentum. However, he also warned that XRP may experience further declines because the ongoing corrective rally from 2022 has not yet ended. The analyst identified $0.41 and $0.35 as significant support levels. If XRP falls below these levels, it could signal the beginning of a downward trend towards $0.2 and $0.17. He also mentioned the possibility of XRP sliding even lower to reach $0.13.
According to Rastani’s forecast, this action may last for several months. He indicates that the cryptocurrency token could reach these prices by the end of the year or in 2025. Furthermore, he mentioned that the altcoin must remain below the resistance levels at $0.64 and $0.74 to maintain his predictions’ validity. In simpler terms, Rastani believes that if the altcoin surpasses these resistance levels, his forecasts will no longer hold true.
Rastani pointed out the significance of XRP‘s momentum indicator in its chart, mentioning that there has been a considerable amount of “bearish price action” for XRP in recent times. He emphasized that this trend has yet to set off a downward move, but he anticipates it will imminently, particularly if the altcoin falls below the $0.35 mark.
An Alternative Move For Price
Rastani proposed an alternate scenario for XRP‘s price movement if his predictions prove incorrect. However, he expressed skepticism about this possibility. If XRP surpasses the resistance levels at $0.64 and $0.74, it would indicate that the 2022 rally was part of a larger wave referred to as Wave A. The recent decline to approximately $0.40 would then represent Wave B. Consequently, XRP could potentially reach around $1.40 during Wave C.
The crypto expert predicted that XRP could potentially reach its 2021 peak price of around $2 again. Nevertheless, he cautioned that such a move would indicate further price decreases, implying that the upcoming trend for XRP is not bullish yet. He continued to emphasize that the first possibility, which involves XRP dipping down to approximately $0.13, remains the most probable outcome.
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2024-06-28 02:46