Crypto analyst Alessio Rastani warned that XRP is “in trouble” following his latest chart analysis. He explained some “strong warnings” on the chart, which shows that the crypto token can get another drop in price.
Why XRP is in trouble
Rastani mentioned in a video on his YouTube channel that XRP could drop to $0.13 or lower as part of Wave C of his analysis using Elliot Wave Theory. He noted that a drop to that price level means a 100% drop in XRP from Wave B and a similar move to the Wave A correction that took place in 2020.
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The crypto analyst also talked about the altcoin jump in 2020, when the crypto token was there. declared insecurity. He said the rally then overlapped, suggesting it was a corrective bounce. He mentioned that these repair circles have not changed since they usually solve the problem.
Rastani said that an urgent meeting is needed for XRP to continue its development. That’s why he believes XRP can still go lower as the 2022 correction session is still in play. The analyst also highlighted the support levels at $0.41 and $0.35 as important, saying that a break below those levels would act as a guarantee to go down at $0.2 and $0.17. He added that XRP could drop as low as $0.13.
Meanwhile, Rastani predicts that this step could take several months, saying that the crypto token could fall to these levels by the end of the year or sometime in 2025. He also said that the altcoin needs to stay below the resistance levels at $0.64 and $0.74, as a break above those levels would invalidate his guess.
Rastani also highlighted the momentum indicator on the XRP chart, noting that there has been “negative low momentum” for XRP recently, suggesting that a decline is possible. He said the downward pressure has not yet started, but he believes it will happen soon, especially if the altcoin breaks below $0.35.
Other Price Travel
Rastani also explained i another move what XRP can do if his predictions are invalid, although he doubts that will happen. He said that if XRP can break above $0.64 and $0.74, that would mean that the 2022 rally was Wave A, while the recent drop to around $0.40 was Wave B, thus setting up XRP change to $1.40 of Wave C.
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The crypto analyst added that XRP can too Check out the top 2021 rankings about $2. However, he said that would mean the next move remains bearish, suggesting that the rest of the move is not yet bullish for XRP. He also confirmed that the initial situation of XRP’s decline today we are at 0.13 $ it was possible.
The featured image was created with Dall.E, a chart from Tradingview.com
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