The XRP price saw some recovery over the weekend, and has continued to maintain some of this bullish momentum. However, it seems experts do not expect the altcoin to continue its bullish trend, with one crypto analyst predicting that the XRP price is headed for a massive crash.
XRP Price On The Verge Of An 80% Crash
A crypto analyst who goes by the moniker Without Worries on the TradingView website has shared a concerning development for the XRP price. This analysis ,which focuses on the altcoin’s performance over the last two years, suggests that the price is more likely to crash from here than continue its climb.
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According to the crypto analyst, the XRP price had been trading inside an uptrend channel for the last two years. Mostly, this channel has held up, allowing the cryptocurrency to hold onto its bullish trend. However, the analyst explains that this uptrend channel support has now failed, and with the confirmation complete, it points to a price reversal for the altcoin.
Furthermore, the crypto analyst points out that this channel support failure came after a could top in the price after the coin broke market structure back in April 2022. Given this, he expects the price to reverse from here and crash to levels not seen since 2020.
The target for this crash sits at the $0.1, according to the analyst. If this happens, it would mean an over 80% crash from the current value of the token, which sits at around $0.5, at the time of this writing.
Could The Uptrend Continue From Here?
Like with any analysis, the crypto analyst explains that there is a scenario in which the XRP price could continue its present uptrend. In such a case, the price would have to continue trading inside the channel and hold its support at this level.
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However, he explains that the price action has already exited the channel. Now, the point to hold becomes the $0.3 level. As long as this holds, then the uptrend would continue. “that support not confirm, 10 cents is next,” the analyst explains.
The analyst believes it is possible that the price action does enter the channel and continue to uptrend. However, he points out that this is not probable, given that there is already confirmation of the price failing to hold support.
Nevertheless, at the time of writing, the XRP price is still holding above $0.52 with 1.33% losses in the last day. But it is seeing small gains go 2.82% in the last week and remains the 7th-largest cryptocurrency in the space with a market cap of $29.3 billion.
Featured image created with Dall.E, chart from Tradingview.com
