Rastani predicts a potential drop in XRP price to $0.13 as part of Wave C, with corrective rallies indicating further bearish movement. In a recent analysis, crypto analyst Alessio Rastani highlighted concerning signs for XRP, warning of possible significant price declines.
Rastani, in a YouTube video, discussed his Elliot Wave Theory research, suggesting that Wave C could see XRP plummet below $0.13 or even lower. He compared this potential downturn to previous corrective actions in 2020, emphasizing the negative implications of corrective rallies that often lead to downside movements.
Referencing a bounce in 2020, Rastani pointed out that XRP needs to rally impulsively to maintain its upward trajectory. Despite a strong 2022 corrective rally, he believes that XRP still has room to fall. Highlighting critical support levels at $0.41 and $0.35, Rastani suggested that breaching these levels could lead to further declines to $0.2, $0.17, and potentially even $0.13.
The analyst outlined a timeline for the anticipated decline, estimating that it could take several months, with XRP potentially reaching these levels by the end of the year or early 2025. However, Rastani noted that his predictions would be invalidated if XRP managed to break resistance levels at $0.64 and $0.74.
Discussing momentum indicators on the XRP chart, Rastani highlighted recent negative momentum that could signal further downward movement, particularly if XRP falls below $0.35. While acknowledging that this negative trend has not fully materialized, he suggested that it could happen soon.
In a less likely scenario, Rastani mentioned the possibility of XRP surging to around $1.40 for Wave C if it manages to break above $0.64 and $0.74. However, he emphasized that the more probable outcome is a decline to as low as $0.13.
Despite Rastani’s cautious outlook, XRP has seen a slight increase recently, with CoinMarketCap reporting a price of approximately $0.4785 at the time of writing, up 1.03% over the last 24 hours. Additionally, the AMM pool on the XRP Ledger locking almost 10 million XRP indicates significant growth, as reported by CNF.
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