- XRP could drop to $0.13 as part of wave C, according to Rastani.
- Corrective rallies are bearish, with further potential declines expected.
According to crypto analyst Alessio Rastani’s recent chart analysis, XRP is in serious trouble. Rastani stressed a number of dire warnings about potential price drops for the cryptocurrency.
Why is XRP in trouble?
Rastani said in a YouTube video that Wave C of his Elliot Wave Theory research would see XRP drop below $0.13 or perhaps lower. He noted that this drop is almost 100% lower than Wave B and is a corrective action similar to Wave A of 2020.
Rastani also brought up XRP’s bounce in 2020, which was around the time the cryptocurrency was considered unsafe. The rally, he said, then overlapped, implying a corrective bounce. Generally, corrective rallies are negative as they end lower.
The crypto analyst stated that XRP has to rally impulsively to maintain its bullish trajectory. He believes that since the 2022 corrective rally remains strong, XRP may still fall.
Rastani underlined the importance of the support levels at $0.41 and $0.35, saying that a break of these would validate the drop to $0.2 and $0.17. Even lower, he said, could be XRP falling to $0.13.
Timeline of the possible fall
According to Rastani, this rise could take several months, and by the end of the year or early 2025, XRP could reach these levels. His predictions would be invalidated if XRP breaks above the resistance levels of $0.64 and $0.74, he stressed.
The analyst pointed to the momentum indicator on XRP’s chart and mentioned the recent notable “negative momentum to the downside.” This implies that XRP will likely head lower, particularly if it crosses $0.35. Rastani noted, however, that while this negative trend has yet to materialize, it should do so shortly.
Alternative scenario for XRP
While he doubts that will happen, Rastani also outlined another scenario. Setting up XRP for a move to around $1.40 for wave C, a break above $0.64 and $0.74 would suggest that the surge into 2022 was wave A and the subsequent decline to around $0.40 was wave B.
Rastani further said that XRP could retest the 2021 highs of $2. Although the other scenario is not good for XRP, he reiterated that the first one – which sees
Although Rastani is not optimistic, XRP has risen somewhat recently. CoinMarketCap estimates that the price of XRP at the time of writing is about $0.4785, 1.03% more in the last 24 hours.
On the other hand, the AMM pool on the XRP Ledger locking nearly 10 million XRP is another significant growth indicator, according to a previous CNF report.
