The XRP price is currently at risk of a crash as crypto analyst Umair has revealed that the altcoin has formed a death cross. Notably, this same pattern formed the last time XRP experienced a 15% crash.
XRP Price at Risk Due to Death Cross Formation
In one X messageUmair stated that a death cross formed on the daily chart for the XRP price. He further noted that the last time the altcoin printed this setup, it crashed by 15%, which, according to the analyst, aligns perfectly with a potential drop to the $1.50 range. As such, he suggested that XRP could face the same outcome as the same ingredients are formed.
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Umair also said the chart built a tight range between $1.90 and $2.08, a range he described as the entire decider. He explained that if the XRP price can stay within this band and spend time there, this one one month consolidation necessary for a real foundation.
However, if the XRP price does not sustain this range, there will be nothing stopping it from crashing to the $1.50 zone, the crypto analyst said. He noted that this is exactly what the previous logic of the collapse pointed to. He also raised the possibility of a different scenario playing out for XRP.
Umair stated that as the XRP price drops below $1.82 but bounces back within the $1.90 and $2.08 range, then that could mark the bottom. However, if the altcoin closes below this range, the range will lose its integrity and XRP may begin its freefall. It is worth mentioning that XRP had fallen to $1.8 last week, but has since regained the psychological level of $2.
$1.65 could mark the bottom for XRP
Crypto analyst CasiTrades predicted it that the macro-.618 support near $1.65 is likely to mark the milestone bottom for the XRP price. This came as she noted that the altcoin saw a relief before subwave 4. The analyst added that she expects XRP to backtest the $2 or $2.09 resistance before heading lower to complete the final wave of this correction at $1.65.
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CasiTrades noted that this aligns extremely well with Bitcoin. She explained the BTC price came close to its own macro .382 retracement, but hasn’t quite made it yet. The analyst expects BTC to complete its correction at $80,000 as the XRP price makes its final move towards $1.65. Once these levels are reached, CasiTrades expects the structure to quickly turn bullish.
The analyst predicts that Bitcoin will begin its Wave 5 to new highs, while XRP price and other altcoins will usher in their macro Wave 3. She stated that they will start their movement together but with different strengths as they are in different positions in the market. broader market cycle.
At the time of writing, the XRP price is trading around $2.17, down over 3% in the past 24 hours. facts from CoinMarketCap.
Featured image of Peakpx, chart from Tradingview.com