Cryptocurrency analyst CasiTrades predicted this Ripple price The price could still break down to $1.4 in the final wave of this downtrend. This comes despite bullish catalysts such as a Federal Reserve rate cut, which could lift the altcoin to new highs.
The analyst expects the price of XRP to collapse to $1.4
in Share XCasiTrades reported that exchanges are in line with their .618 bounces, with Binance showing a breakdown to between $1.35 and $1.46 for the XRP price. She noted that this next downward wave will complete the overall wave 2 correction, paving the way for the next impulse wave that could send… XRP is about $6.50 or $10.
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This came as the analyst noted that the price of XRP was at a key decision point, with the price continuing to test the highs of Wave 4. She noted that this resistance makes another bearish wave possible. to Invalidate the move downCasiTrades reported that XRP needs to break out and hold above $2.82 on Binance.
However, so far, XRP price has not done so, with CasiTrades noting that the price is still ranging between support and resistance. She explained that this is leaning towards it being wave 4, with the altcoin making one final move lower before the next overall rally. Analyst A ruled out V-shaped recoveryNoting that the price usually breaks the resistance immediately and decisively, which does not happen with the current price movement.
I also noticed that the hesitation indicates that the selling pressure has not been completely exhausted for the XRP price. However, CasiTrades stressed that deeper support levels are not a reason to panic, as they are of high conviction Accumulation areas. At the same time, the analyst highlighted the inconsistency in price movement on different stock exchanges.
She noted that the price of XRP on Binance rose to $0.77 during the $19 billion liquidation event, while on Coinbase, XRP never reached the 0.618 retracement level. CasiTrades then reiterated that until the $2.82 level is breached, price action favors one final downward wave before the next major move higher.
The XRP bull run is not over
Cryptographic analyzer Egrag Crypto has confirmed The uptrend for XRP price is not over yet, despite expectations that the top may be rising. He stated that as long as XRP is still above $2.20 And $1.97 as a monthly close, there is no structural break. He also believes that altcoins and other risky assets are about to “rise.”
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Egrag Crypto noted that quantitative tightening is still active Federal interest rate cuts Just started. In line with this, he announced that the final stage is still awaiting its end. He claimed that cycles do not end when 50% of traders are cautious, but end when everyone is “drunk on ecstasy.”
At the time of writing, the price of XRP is trading at around $2.6, down over the past 24 hours, according to CoinMarketCap data.
Featured image from Pexels, chart from Tradingview.com
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