Crypto analyst TARA has predicted that the XRP price could still crash below the psychological $1 level. This came as she charted the altcoin’s correlation with Bitcoin’s price action, while highlighting how a BTC crash could also push XRP to as low as $0.87.
XRP price could fall to $0.87 if Bitcoin’s crash deepens
In one X messageTARA stated that a Bitcoin crash to $52,200 would push the XRP price down to the .786 support from $0.87. She noted that this level is also the .618 extension and the gap left by the October 10 liquidation event. The analyst made these comments while noting what she was watching on XRP during this down market trend.
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TARA also mentioned that XRP price has reached its textbook resistance of .382 at $1.53, but the waves on Bitcoin appear incomplete. She predicted that XRP could fall behind again in the near term, as she expects short-term correction for BTC to $65,800 before making another rise to the .5 resistance level at $75,400.
The analyst stated that this was predicted Bitcoin crash to $65,800 could push the Meanwhile, TARA remains bullish on XRP long-term, noting that macro Wave 3 targets remain at $7 to $9.
She also noted that XRP could have bottomed out around this current range, but BTC continues to largely drive the price action for the altcoin and the broader crypto market, which is why it could fall even further.
Two potential scenarios for XRP
Crypto analyst CasiTrades stated in a X message that the She warned that if XRP fails to convert $1.65 into support, a cleanup would occur last wave down targeting $1.09 or even $0.90.
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CasiTrades further stated that this current upswing has reset the RSI enough that a move to these levels is likely to be a bullish divergencemaking them “exceptional long-term buying zones.”
On the other hand, if the XRP price regains $1.65, she stated that it is best to wait for confirmation of a backtest of support and then use that as an entry level. The analyst told investors that now is not the time to panic sell as major lows have been made and there is a chance the latest wave to the downside will fail.
At the time of writing, the XRP price is trading around $1.38, down more than 4% in the past 24 hours. facts from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com