XRP Is In "Trouble" And Could Drop To $0.13 Or Even Lower, Crypto Analyst Warns

Crypto analyst Alessio Rastani has warned that XRP is in “trouble” following his recent analysis of the chart. He outlined certain “strong warnings” on the chart, which showed that the crypto token could experience further price declines.

Crypto analyst Alessio Rastani has shared his recent analysis of XRP's chart, warning viewers that the crypto token is in “trouble.” He pointed out certain “strong warnings” on the chart, indicating the possibility of further price declines for XRP.

According to Rastani, XRP could drop to $0.13 or even lower as part of Wave C in his analysis using the Elliot Wave Theory. He explained that a drop to that price level would represent about a 100% decline for XRP from Wave B and a similar corrective move to Wave A that occurred in 2020.

The crypto analyst also mentioned the altcoin's bounce in 2020, around the time the crypto token was declared a non-security. He claimed that the rally then overlapped, suggesting it was a corrective bounce. He added that these corrective rallies are typically bearish as they resolve to the downside.

According to Rastani, an impulsive rally is necessary for XRP to continue its uptrend. That is why he believes that XRP can still drop lower since the corrective rally from 2022 is still in play. He also highlighted the support levels at $0.41 and $0.35 as crucial, stating that a break below those levels will serve as confirmation for the downward move to $0.2 and $0.17. He added that XRP could even drop lower to $0.13.

Meanwhile, Rastani predicts that this move could take several months, stating that the crypto token could drop to these levels by year-end or sometime in 2025. He also said that the altcoin needs to stay below the resistance levels at $0.64 and $0.74, as a break above those levels will invalidate his projections.

Rastani also highlighted the momentum indicator on XRP's chart, noting that there has been a lot of “downward negative momentum” for XRP recently, suggesting that a downward move will likely occur. He claimed that the downward momentum hasn't been triggered yet, but he believes that it will soon happen, especially if the altcoin breaks below $0.35.

An Alternative Move For Price

Rastani also outlined an alternative move that XRP could make if his projections are invalidated, although he doubts that will happen. He claimed that if XRP manages to break above $0.64 and $0.74, that would mean that the rally in 2022 was Wave A, and the recent drop to around $0.40 was Wave B, thereby setting up XRP for a move to around $1.40 for Wave C.

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He added that XRP could also retest the 2021 highs at around $2. However, he claimed that would mean that the next move is still downward, suggesting that the alternative move isn't still bullish for XRP. He once again reaffirmed that the first scenario of XRP dropping to as low as $0.13 was likely to happen.