Crypto analyst CasiTrades has predicted that the XRP price could still crash to $1.4 in the final wave of this downtrend. This is despite bullish catalysts such as the Fed rate cut, which could lift the altcop to new highs.
Analyst predicts XRP price to crash to $1.4
In one X messageCasiTrades stated that the exchanges are heading towards their .618 retracements, with Binance showing a crash between $1.35 and $1.46 for the XRP price. She noted that this next wave down would complete the macro wave 2 correction, clearing the way for the next wave 3 impulse that could drive XRP towards $6.50 or $10.
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This came as the analyst noted that XRP price was at a key decision point, with the price continuing to test the Wave 4 highs. She noted that this resistance is making a new wave possible. Nasty invalidate the downward movementCasiTrades stated that XRP needs to break and stay above $2.82 on Binance.
However, so far the XRP price has failed to do so, with CasiTrades noting that the price is still fluctuating between support and resistance. She explained that this is trending towards a Wave 4, where the altcoin is one final step lower before the next macro impulse. The analyst closed one V-shaped recoverynoting that price typically breaks resistance immediately and decisively, which is not happening with the current price action.
She further noted that the hesitation indicates that selling pressure for the XRP price has not yet been fully exhausted. However, CasiTrades assured that the deeper support levels are not a reason to panic as they are very convincing accumulation zones. Meanwhile, the analyst highlighted a discrepancy in the price action across exchanges.
She noted that the XRP price on Binance fell to $0.77 during the $19 billion liquidation, while XRP on Coinbase never reached the .618 retracement level. CasiTrades then reiterated that until it breaks $2.82, price action favors a final wave down before the next big move higher.
XRP’s Bull Run is not over yet
Crypto analyst Eggrag Crypto has it covered that the bull run for the XRP price is not over yet, despite predictions that the top may be within. He stated that as long XRP is holding above USD 2.20 and $1.97 as monthly closing, then there is no structural break. He also believes that the altcoin and other risky assets are about to ‘roar’.
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Egrag Crypto noted that quantitative tightening is still active and that Fed interest rate cuts have only just begun. In line with this, he stated that the final leg is yet to be played. He claimed that cycles don’t end when 50% of traders are cautious, but they do end when everyone is ‘drunk on euphoria’.
At the time of writing, the XRP price is trading around $2.6, down over the past 24 hours, according to data from CoinMarketCap.
Featured image from Pexels, chart from Tradingview.com