Alessio Rastani has recently warned that XRP is in serious trouble. He believes there’s a high risk of XRP Price dip further in the near future, which has raised concern in the cryptocurrency community.
In his recent analysis, crypto analyst Alessio Rastani warns that XRP could face more problems ahead with its price possibly dropping to $0.13 or even lower. Rastani uses the Elliot Wave Theory to predict this decline, highlighting a significant drop from its earlier high prices.
The Analysis: Why XRP Is In Trouble
Rastani’s analysis explained in a recent YouTube video, centers on the Elliot Wave Theory. This method predicts market trends using repeating wave patterns. He focuses on a crucial phase called Wave C, indicating that XRP might drop significantly to around $0.13 or even lower. This prediction suggests a steep decline of 100% from Wave B, similar to a corrective drop observed in 2020 when XRP’s regulatory status changed.
XRP Price Dip: The analyst pointed out that the rise seen in 2020, which happened alongside regulatory changes, was probably a rebound meant to correct earlier losses. This kind of rebound is often seen as a negative sign in market cycles. Rastani believes that for XRP to start going up again, it needs a strong and sudden surge in its price, which isn’t happening right now.
Technical Indicators and Support Levels
XRP Price Dip: Rastani emphasized the importance of XRP staying above key support levels at $0.41 and $0.35. He warned that if XRP falls below these levels, it could start a decline towards $0.2 or even as low as $0.17. According to Rastani, these changes might happen gradually over the next few months, possibly extend into late 2024 or beyond.
Rastani pointed out important resistance levels at $0.64 and $0.74 that XRP needs to stay below for his predictions of a price decline to be accurate. He warned that if XRP breaks above these levels, it would invalidate his forecast and might indicate a turnaround in XRP’s performance.
XRP Price Dip Momentum & Scenarios
Examining XRP’s momentum indicators, Rastani noticed a strong downward trend suggesting a bearish outlook. Although this trend hasn’t fully developed yet, he expects it could become more pronounced, especially if XRP price dip below the $0.35 mark.
XRP Price Dip: If Rastani’s gloomy view turns out to be incorrect, he outlined a different path for XRP. If XRP manages to break through resistance levels, it could indicate that recent movements were part of a larger corrective wave pattern. This scenario might propel XRP towards testing highs above $1.40 or even reaching towards $2.
However, Rastani repeated his view that the most likely outcome is a drop in XRP’s price towards the $0.13 level.
Overall, Alessio Rastani’s analysis warns XRP investors to pay close attention to key technical levels and market signals. As XRP reaches critical points in its price movement, investors should be careful and consider how technical analysis impacts their strategies. In the unpredictable world of cryptocurrencies, staying informed and flexible is essential.
Also Read- Catizen – Play and Earn $1500 free crypto on Mobile
