Crypto analyst CryptoInsight has indicated this the XRP price is on the verge of another crash, with a potential drop below the psychological level of $2. The analyst also revealed the level that the altcoin needs to regain to negate this bearish outlook.
XRP price risks drop to a new low
In one X messageCryptoInsight suggested that the XRP price could fall to a new low. This came as the analyst noted that the altcoin has made a higher low in the lower time frame after bouncing back from range lows. However, it still needs to be made a higher peakwhich presents a bearish outlook.
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The analyst further noted that until the XRP price reaches a higher high, there will likely be more price declines, while questioning the possibility of another low revision. He indicated that XRP will have to break the descending triangle and through the $2.30 level before a reversal could be planned.
However, CryptoInsight is still bullish on the XRP price in the long term. He noted that the higher timeframe structure is still well and truly intact. The analyst added that the altcoin is holding yearly lows as support, which is also the previous seven-year resistance. In line with this, he stated that it is inevitable that XRP a new all-time record (ATH) in the near future only on the basis of liquidity.
Meanwhile, the analyst noted that he is unsure whether the XRP price will drop to the bottom first to regain momentum. Overall, he remains bullish on XRP. Crypto analyst CasiTrades had stated that XRP may have to register one last low before it reverses and rises to new highs. She highlighted $1.80 and $1.64 as areas where XRP could fall.
XRP is likely to retest $2.04 with two likely scenarios
In her latest X messageCasiTrades stated that the XRP price is likely on track to retest the macro .5 Fib at $2.04. She noted that this level has been the most important the entire correction. Based on this, she outlined two scenarios that could occur if the altcoin falls to that level. The analyst described the first scenario as the bullish new trend.
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In this scenario, if USD 2.04 were to act as support, the XRP price could break above the USD 2.41 resistance and rise towards USD 2.65, confirming a new situation. bullish wave structure is forming. CasiTrades noted that this potential move would strongly indicate that the macro low has already been reached, with the altcoin eyeing new highs between $7 and $10.
Meanwhile, the second scenario is a bearish .618 support test. If the
At the time of writing, the XRP price is trading around $2.08, down more than 4% in the past 24 hours. facts from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com