Potential price crash of XRP to $0.07 foreseen by crypto analyst amidst triangle breakdown 😮

Impending XRP Price Crash: A Detailed Analysis

Have you heard about the potential crash in XRP’s price that crypto analysts are predicting? Let’s delve into the intricate analysis that suggests a significant downturn in XRP’s value, potentially dropping as low as $0.07. Here’s what you need to know:

Elliott Wave Theory and XRP Correction Patterns

First and foremost, the analysis is based on the Elliott Wave Theory, a technical analysis method that predicts future price movements by identifying specific wave patterns associated with investor psychology. In the case of XRP, the analyst highlights a corrective phase that the cryptocurrency has been in since its peak in 2018, characterized by an A-B-C correction pattern:

Wave A: Sharp decline to $0.105 in March 2020
Wave B: Partial retracement to $1.96 in April 2021
Wave C: Current phase involving another downward move

This final phase, Wave C, is crucial as it signifies the completion of the corrective pattern. Within Wave C, XRP is undergoing sub-waves, with the third wave having a significant impact on price movement and depth.

Breaking Down the Price Action

Additionally, the analysis points out a large triangle formation that has encompassed XRP’s price action over the years. Typically, a triangle in technical analysis signifies a period of consolidation before a decisive breakout in one direction. Key points to note include:

Recent close below $0.42 confirms bearish breakout
Initial target at $0.33 with minor psychological support
Second target at $0.18, representing historical support
Third target between $0.12 and $0.14, marking the end of the third wave

As XRP moves through the fourth wave, the analyst anticipates a temporary rebound above $0.18 before the final fifth wave drives the price down further towards the $0.07 to $0.08 range, indicating a significant crash from the current level.

Ripple vs. SEC Lawsuit Impact

Moreover, the analysis considers the ongoing Ripple vs. SEC lawsuit, which is expected to conclude by July 2026. The outcome of this legal battle could have substantial ramifications on XRP’s price movement. The analyst highlights:

Smart money eyeing buy targets before the anticipated utility pump
Ripple’s victory potentially leading to a significant price surge
Current XRP trading at $0.43448

Hot Take: Will XRP Weather the Storm?

Considering the technical indicators and the ripple effect of the SEC ruling, do you think XRP will emerge unscathed or face a challenging period ahead? Stay informed and make strategic decisions to navigate the volatile crypto market.

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