Analyst Anticipates Significant Drop in XRPs Value Troubles Ahead for the Cryptocurrency

Predictions by Rastani forecast a potential drop of XRP to $0.13 in Wave C.
Bearish corrective rallies hint at further downturns on the horizon.
Noted crypto analyst Alessio Rastani’s recent chart analysis raises concerns about XRP’s future. His insights deliver grim warnings of potential price slumps for the cryptocurrency.
Reasons Behind XRP’s Predicament
In a YouTube broadcast, Rastani shared that according to his Elliot Wave Theory research, the anticipated Wave C could see XRP plummet to levels below $0.13, or even lower. This projected decline looms nearly 100% lower than Wave B, mirroring a corrective pattern akin to Wave A witnessed back in 2020.
Additionally, Rastani highlighted a past rebound of XRP in 2020, coinciding with a period when the cryptocurrency faced security uncertainties. He suggested that the subsequent rally overlapped, indicating a corrective bounce. Generally, corrective rallies tend to culminate on a negative note, ushering in downward trends.
Rastani emphasized the necessity for XRP to rally vigorously to sustain its upward momentum. He posited that with the lingering strength of the 2022 corrective surge, XRP remains vulnerable to potential declines.
The analyst pinpointed critical support levels at $0.41 and $0.35, cautioning that breaching these thresholds would legitimize the descent towards $0.2 and $0.17, with a grim prediction of XRP dropping to $0.13.
Projected Timeline for Decline
Rastani outlined a timeline that anticipates several months for this scenario to play out, projecting that XRP might hit these critical thresholds by the end of the current year or early 2025. He underscored that his projections could be invalidated if XRP managed to break above resistance levels at $0.64 and $0.74.
Pointing towards the momentum indicator on XRP’s chart, Rastani highlighted recent signs of “downward negative momentum,” suggesting an impending descent, particularly if XRP crosses $0.35. While acknowledging that this negative trend has yet to materialize, he predicted its imminent arrival.
Alternative Outlook for XRP
Despite expressing skepticism, Rastani outlined an alternate scenario where XRP could surge to approximately $1.40 for Wave C, contingent on surpassing $0.64 and $0.74. This scenario would imply that the 2022 surge constituted Wave A, followed by a dip to about $0.40 marking Wave B.
Rastani further speculated on a potential retesting of the $2 highs from 2021 for XRP. However, he reiterated that the likelihood leans more towards the first scenario of XRP plummeting to as low as $0.13.
Despite Rastani’s cautionary outlook, XRP has recently witnessed a modest uptick. As per CoinMarketCap, the current XRP price stands at around $0.4785, reflecting a 1.03% increase over the past 24 hours.
Furthermore, the revelation of an AMM pool on the XRP Ledger securing nearly 10 million XRP signals substantial growth, as per a prior CNF report.
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