Crypto Analyst Says ‘XRP Is In Trouble,’ Here’s Why
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has warned that XRP is in “trouble” following his recent analysis of the chart. He outlined certain “strong warnings” on the chart, which showed that the crypto token could experience
.
Why XRP Is In Trouble
Rastani mentioned in a
on his YouTube channel that XRP could drop to $0.13 or even lower as part of Wave C of his analysis using the
. He noted that a drop to that price level represents about a 100% decline for XRP from Wave B and a similar corrective move to Wave A that occurred in 2020.
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The crypto analyst also alluded to the the altcoin’s bounce in 2020, around the time the crypto token was
. He claimed that the rally then overlapped, which suggested it was a corrective bounce. He noted that these corrective rallies are bearish in nature as they usually resolve to the downside.
Rastani claimed that an impulsive rally is required for XRP to continue its uptrend. That is why he believes that XRP can still drop lower since the corrective rally from 2022 is still in play. The analyst also highlighted the support levels at $0.41 and $0.35 as crucial, stating that a break below those levels will serve as confirmation for the
to $0.2 and $0.17. He added that XRP could even drop lower to $0.13.
Meanwhile, Rastani predicts that this move could take several months, stating that the crypto token could drop to these levels by year-end or sometime in 2025. He also said that the altcoin needs to stay below the
and $0.74, as a break above those levels will invalidate his projections.
Rastani also highlighted the momentum indicator on XRP’s chart, noting that there has been a lot of “downward negative momentum” for XRP recently, suggesting that a downward move will likely occur. He claimed that the downward momentum hasn’t been triggered yet, but he believes that it will soon happen, especially if the altcoin breaks below $0.35.
An Alternative Move For Price
Rastani also outlined an
that XRP could make if his projections are invalidated, although he doubts that will happen. He claimed that if XRP manages to break above $0.64 and $0.74, that would mean that the rally in 2022 was Wave A, and the recent drop to around $0.40 was Wave B, thereby setting up XRP for a
for Wave C.
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The crypto analyst added that XRP could also
retest the 2021 highs
at around $2. However, he claimed that would mean that the next move is still downward, suggesting that the alternative move isn’t still bullish for XRP. He once again reaffirmed that the first scenario of XRP dropping
was likely to happen.
Token price rises toward $0.5 | Source:
Featured image created with Dall.E, chart from Tradingview.com
