The post Crypto Analyst Says ‘XRP Is In Trouble,’ Here’s Why appeared on BitcoinEthereumNews.com.

Crypto analyst Alessio Rastani has warned that XRP is in “trouble” following his recent analysis of the chart. He outlined certain “strong warnings” on the chart, which showed that the crypto token could experience further price declines. Why XRP Is In Trouble Rastani mentioned in a video on his YouTube channel that XRP could drop to $0.13 or even lower as part of Wave C of his analysis using the Elliot Wave Theory. He noted that a drop to that price level represents about a 100% decline for XRP from Wave B and a similar corrective move to Wave A that occurred in 2020.  Related Reading The crypto analyst also alluded to the the altcoin’s bounce in 2020, around the time the crypto token was declared a non-security. He claimed that the rally then overlapped, which suggested it was a corrective bounce. He noted that these corrective rallies are bearish in nature as they usually resolve to the downside.  Rastani claimed that an impulsive rally is required for XRP to continue its uptrend. That is why he believes that XRP can still drop lower since the corrective rally from 2022 is still in play. The analyst also highlighted the support levels at $0.41 and $0.35 as crucial, stating that a break below those levels will serve as confirmation for the downward move to $0.2 and $0.17. He added that XRP could even drop lower to $0.13. Meanwhile, Rastani predicts that this move could take several months, stating that the crypto token could drop to these levels by year-end or sometime in 2025. He also said that the altcoin needs to stay below the resistance levels at $0.64 and $0.74, as a break above those levels will invalidate his projections.  Rastani also highlighted the momentum indicator on XRP’s chart, noting that…

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Filed under: News - @ June 28, 2024 6:26 am