Crypto Analyst Predicts XRP Price Crash Fall To $0.07 Amid Triangle Breakdown

As a researcher with a background in technical analysis and a keen interest in the crypto market, I find @Ripple_Effect11’s prediction of an imminent XRP price crash quite intriguing. The use of Elliott Wave Theory to analyze XRP’s price movements is a well-established method in the technical analysis community.

Expert Analysis: @Ripple_Effect11, a cryptocurrency analyst, has issued a warning of an imminent XRP price crash based on his latest technical assessment, published via X. His forecast is grounded in a bearish rupture from a significant triangle configuration that emerged following the $3.84 peak reached on January 4, 2018. This analysis portends a dismal outlook for XRP in the upcoming months, with a possible downturn to hit as low as $0.07, depending on specific technical triggers.

Why The XRP Price Could Crash To $0.07

Elliott Wave Theory, used by @Ripple_Effect11 for analysis, is a technical approach predicting price trends based on recognizing repeated wave structures influenced by investor sentiment. According to this theory, market behaviors typically progress in five “impulse” waves and are corrected by three “corrective” ones.

Crypto Analyst Predicts XRP Price Crash Fall To $0.07 Amid Triangle Breakdown

When it comes to XRP, a financial analyst has determined that the cryptocurrency has been going through a correction process since reaching its highest point in 2018. This correction can be observed through an A-B-C pattern. The initial decline, or wave A, saw XRP drop significantly to as low as $0.105 in March 2020. Wave B brought about a partial recovery, pushing the price up to $1.96 in April 2021. Lastly, we are currently experiencing wave C, which is typically the final leg of this correction phase and involves another potential decline.

Based on the analysis, it appears that XRP is experiencing sub-waves within the last major wave C. At present, we’re in the third wave, which historically signifies a notable increase in both the magnitude and duration of price fluctuations.

Significantly, the graph indicates a triangular pattern containing XRP‘s price movement over an extended timeframe. In the realm of technical analysis, such a triangle shape typically signifies a stage of consolidation preceding a significant breakout, where the price trend resumes with increased momentum in one direction.

As an analyst, I’ve been closely monitoring the XRP market and according to my analysis, last week’s closing price below the $0.42 mark confirmed a bearish breakout from the pattern. This bearish trend adds weight to the theory of a significant price crash for XRP in the near future. No one seems to be discussing this massive triangle breakdown at present, but the weekly close beneath $0.42 is undeniably a bearish sign.

As a crypto investor, I’d interpret the analyst’s findings this way: My first hope lies at $0.33, where some psychological comfort might be found. However, a more considerable resistance awaits at $0.18 – historically speaking, this could be a robust support level. Lastly, the price between $0.12 and $0.14 serves as a potential interim support. This range marks the conclusion of the third wave in our investment outlook.

As a crypto analyst, I anticipate that the XRP price may bounce back above $0.18 during the ongoing fourth wave before a significant decline occurs in wave 5. The potential downside targets for wave 5 suggest a possible crash of over 80% from the current levels, with prices potentially landing between $0.07 and $0.08.

The targets I’ve identified are supported by the following technical indications from the chart:

Ripple Ruling Could Start The Trend Reversal

Incorporating background information, the ongoing Ripple versus SEC lawsuit significantly influences the technical analysis of XRP‘s price movement. Analysts predict the trial will be concluded by July 2026, and its resolution is likely to carry substantial consequences for the cryptocurrency’s value.

Intelligent investors view buying opportunities at levels 3 and 4 as alluring before the major utility surge from 2026 to 2030. The legal battle between Ripple and SEC initiated in 2020. In 2023, the SEC ruled that XRP was not classified as a security. If Ripple emerges victorious in the case, expect a significant price increase for XRP starting around 2026. Do you have the fortitude to wait it out?

At press time, XRP traded at $0.43448.

Crypto Analyst Predicts XRP Price Crash Fall To $0.07 Amid Triangle Breakdown

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2024-07-09 12:40