XRP’s current pullback has diverted attention from short-term volatility and back to the bigger picture on the chart. The cryptocurrency is now down more than 60% from its all-time high in July, and the decline is showing signs of more downside.
While the price continues to rise break below the support levelAn analyst whose previous outlook preceded a major XRP rally says the cryptocurrency may be approaching a bottom for a new accumulation phase.
Analyst points to a new accumulation phase
XRP’s recent price action has seen a lot Analysts predict a bottom where the decline could end. However, a technical analysis of XRP’s price action on the two-week candlestick time chart, which was posted on the social media platform an entrance to an accumulation zone.
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According to to the analysisXRP has now corrected about 58% from its recent peak, putting it directly into what he calls the prime accumulation zone between $1.50 and $1.30. Crypto Patel’s outlook is that this area is not about hitting an exact bottom, but about gradually building exposure as the price stabilizes. Based on this, the analyst predicted that XRPs The decline will reach a low point somewhere between $1.5 and $1.3, and now is a good time to slowly start buying at these levels.
However, Patel’s outlook also takes into account a deeper downside scenario. Should XRP lose the $1.30 region, the next focus is on a secondary accumulation band between $0.90 and $0.70. Nevertheless, a move to that lower range would still not negate the bullish thesis. Instead, it would represent what he describes as the best long-term accumulation opportunity for maximum profits.
The $10 goal is still in play
XRP’s current price action is still a long way from reaching $10, and that goal seems unattainable at the moment. However, despite being cautious in the short term, many analysts have not done so changed their long-term projections.
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For example, Patel noted that his long-term goal is $10. While the $10 target remains the same, the analyst noted that buying would be at $3 or $2 has not been ideal since then there are opportunities for $1.50-$1 entries during hard dips for much bigger returns.
To support his confidence, Patel recalled his previous cycle call where he shared an XRP setup around $0.50 during the last bear market. This setup preceded a rally to $3.66, delivering gains of over 600%.
XRP’s price action over the past 24 hours has been marked by a crash from an intraday high of $1.44 to an intraday low of $1.14. The cryptocurrency is now trading again on $1.30 at the time of writing, 670% away from hitting the $10 price target.
Featured image from Getty Images, chart from Tradingview.com