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- XRP could drop to $0.13 as part of Wave C, says Rastani.
- Corrective rallies are bearish, with potential further declines expected.
According to recent chart analysis by crypto analyst Alessio Rastani, XRP is in serious trouble. Rastani emphasized a number of dire warnings about possible 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 fall below $0.13 or perhaps lower. He pointed out that this downturn is almost 100% lower than Wave B and is a similar corrective action to Wave A from 2020.
Rastani also brought out the XRP bounce in 2020, which was around the time the cryptocurrency was deemed non-secure. The rally, he said, then overlapped, implying a corrective bounce. Generally speaking, corrective rallies are negative since they end up on the downside.
The crypto analyst claimed that XRP has to rally impulsively in order to sustain its upward trajectory. He thinks that given that the 2022 corrective rally is still running strong, XRP can still fall.
Rastani underlined the importance of the support levels at $0.41 and $0.35, saying that a breach of these would validate the decline to $0.2 and $0.17. Even lower, he said, might be XRP falling to $0.13.
Timeline for Potential Decline
According to Rastani, this rise might take several months, and by the end of the year or early in 2025, XRP might reach these levels. His predictions would be nullified if XRP broke above the resistance levels at $0.64 and $0.74, he underlined.
The analyst pointed out the momentum indicator on the XRP chart and mentioned recent notable “downward negative momentum.” This implies that XRP will probably go lower, particularly if it crosses $0.35. Rastani did note, nevertheless, that although this negative trend has not yet materialized, it should shortly.
Alternative Scenario for XRP
Though he doubts that would happen, Rastani also described an other scenario. Setting up XRP for a move to roughly $1.40 for Wave C, a break above $0.64 and $0.74 would suggest that the surge in 2022 was Wave A and the subsequent decline to around $0.40 was Wave B.
Rastani further said that XRP might retest the $2 highs from 2021. Though the other scenario is not good for XRP, he reiterated that the first one—which sees XRP falling to as low as $0.13—is more likely.
Though Rastani is not optimistic, XRP has recently increased somewhat. CoinMarketCap estimates that the price of XRP at the moment of writing is about $0.4785, up 1.03% over the last 24 hours.
On the other hand, the AMM pool on the XRP Ledger locking almost 10 million XRP is another indicator of significant growth, according to a prior CNF report.
