Crypto analyst Alessio Rastani has warned that XRP is in “trouble” following its recent analysis of the chart. He outlined certain “strong warnings” on the chart, which indicated the crypto token could experience downturns further price drops.
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 approximately a 100% decline for XRP from Wave B and a similar corrective move to Wave A that occurred in 2020.
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The crypto analyst also alluded to the altcoin leap in 2020, around the time the crypto token was launched. declared non-security. He claimed the rally then overlapped, suggesting it was a corrective rebound. He noted that these corrective rallies are bearish in nature as they usually slope downward.
Rastani claimed that an impulsive rally is needed for XRP to continue its uptrend. Therefore, he believes that XRP could fall even further as the 2022 corrective rally is still underway. The analyst also highlighted the support levels at $0.41 and $0.35 as crucial, stating that a break below these levels will serve as confirmation for the downward movement to $0.2 and $0.17. He added that XRP could even fall lower to $0.13.
Meanwhile, Rastani predicts that this move could take several months, stating that the crypto token could fall to these levels by the end of the year or sometime in 2025. He also said that the altcoin should remain below the limit. resistance levels at $0.64 and $0.74, as a break above these levels will invalidate his projections.
Rastani also highlighted the momentum indicator on the XRP chart, noting that there has been a lot of “downward negative momentum” for He claimed that the downward momentum has not yet been activated, but he believes it will happen soon, especially if the altcoin breaks below $0.35.
An alternative move for the price
Rastani also outlined one alternative move that XRP could make if its projections are invalidated, although he doubts that will happen. He claimed that if go to about $1.40 for Golf C.
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The crypto analyst added that XRP could do that too Retest the highlights of 2021 around $2. However, he claimed that this would mean that the next move is still down, suggesting that the alternative move is not still bullish for XRP. He reaffirmed that the first scenario in which XRP falls to $0.13 would probably happen.
Featured image created with Dall.E, chart from Tradingview.com