Quick Takeaways
-
Bearish Outlook for XRP: Analysts predict XRP could drop to $2.05 due to RSI’s bearish divergence and ongoing market corrections, despite a recent spike near $2.45.
-
Pending Correction: Experts suggest further downside movement is likely needed to complete a correction phase before any significant rebound.
-
Technical Analysis: Analyst CasiTrades emphasizes that XRP’s price action supports the formation of a double-bottom setup, indicating a potential return to $2.05 as part of the Wave 3 structure.
-
Partnership Impact: Ripple’s partnership with Mastercard provided a temporary boost; however, XRP has since lost these gains, now trading around $2.18, hinting at a need for reevaluation of market sentiment.
Analysts Expect One More Painful Drop for XRP
Analysts predict a downturn for XRP, possibly returning to $2.05. Despite a brief spike to $2.45, market enthusiasm may have peaked too soon. This situation arises after Ripple’s announcement of a new partnership with Mastercard. Therefore, experts warn that XRP’s correction is not yet complete.
Crypto analyst CasiTrades highlights a critical point in her analysis. The recent uptick in price pushed XRP to an extreme boundary but faced immediate rejection. Notably, every candle close has remained below prior Wave 1 lows, validating her bearish outlook. As a result, she anticipates another decline to $2.05, which aligns with key Fibonacci retracement levels.
Furthermore, this potential drop corresponds with what CasiTrades calls a double-bottom setup. This formation might restore support at $2.05, paving the way for a rally back to $2.36 before further downward movement. In this context, the Relative Strength Index (RSI) also suggests that buyers will revisit the $2.05 mark.
Initially, Ripple’s partnership with Mastercard sparked excitement in the market. The collaboration aims to facilitate credit card transactions through Ripple’s RLUSD stablecoin. Despite the initial positive sentiment, XRP has struggled to maintain its gains. Currently, it trades at $2.18, reflecting a 5% decline within the last 24 hours.
This downturn highlights the volatility inherent in the cryptocurrency market. While partnerships like the one with Mastercard promise progress, immediate price corrections can dampen investor enthusiasm. Observers will watch closely as XRP navigates this tricky landscape, hoping for a stronger foundation in the future.
Stay Ahead with the Latest Tech Trends
Learn how the Internet of Things (IoT) is transforming everyday life.
Discover archived knowledge and digital history on the Internet Archive.
Disclaimer
This content is for informational and entertainment purposes only and does not constitute financial or investment advice. Cryptocurrency is highly speculative and carries significant risk, including the potential loss of your entire investment. Do not make financial decisions based on this information. Consult a licensed financial advisor before investing. This site does not offer, sell, or advise on cryptocurrency, securities or other regulated financial products in compliance with SEC and applicable laws. Please do your own research and seek professional advise.
CryptoV1
