In the persistent and often tumultuous world of cryptocurrency, renowned crypto analyst Alessio Rastani raises the red flag over the furnishings of XRP, suggesting its current standing in an economic quicksand. Following an in-depth analysis of its chart, Rastani unveiled a set of “strong warnings,” pointing towards potential declines in the token’s price.
Keen-eyed Rastani’s scrutiny navigates the eye of the beholder to a possible dip in XRP to as low as $0.13 or potentially even further. This is a result of his meticulous application of the Elliot Wave Theory, translating his findings into Wave C of his prognosis. The projected drop is alarming, representing approximately a complete 100% plunge from the lofty heights of Wave B – a bitter mirror echoing the significant corrective adjustment of Wave A noted in 2020.
Speaking through a webinar on his YouTube channel, he drew attention to the historical leap XRP took in 2020, a time when it won the declaration of being a non-security crypto token. The rally at that time, according to Rastani, overlapped – an occurrence he suggests was a corrective bounce. To him, these corrective rallies mask a bearish nature, hinting at their tendency to resolve towards a downward trend.
Rastani verbalizes his conviction that only an impulsive rally can fuel XRP’s return to its former upward trajectory. In the absence of such a rally, the slash in XRP token’s price, which started as a corrective bounce in 2022, still comes into play. He cast a spotlight on the crucial support levels at $0.41 and $0.35, indicating that any breach below these thresholds would signal confirmation for the downward maneuver, bringing the price down to $0.2 and $0.17 – or even an unexpected, desperate plunge to $0.13.
In addition to his forecast, Rastani estimates that this plunge in the crypto market will not happen overnight but will instead play out over several months. He believes that by the end of 2025, we could see XRP at these lowered levels, providing it remains below the resistance barriers set at $0.64 and $0.74. Passing these checkpoints would invalidate his projections.
Rastani also identified the ‘momentum indicator’ as a factor that compounds XRP’s current predicament – pointing to a swirling tide of “downward negative momentum”. Though it hasn’t fully activated yet, he believes it’s only a matter of time before the altcoin breaks below $0.35, further amplifying its downward thrust.
In an alternative scenario, assuming his projections fail to grip reality, Rastani hints at the possibility that XRP could surge past the $0.64 and $0.74 points. In such a case, the rally of 2022 would be seen as Wave A, the recent drop to around $0.40 as Wave B, potentially setting the stage for XRP to make a lofty jump to around $1.40 for Wave C. He even ventured to say XRP could retest its 2021 highs of around $2. Yet, he maintains this scenario would signal a continued downward move, once again reiterating his kingpin prediction of a steep drop in XRP’s fortunes, potentially to a trough of around $0.13.
