- Altcoin XRP tests key support as analysts debate what’s next.
- One point of view is the possibility of a bottom formation for XRP price.
- The other is that one final wave down to a target below $1 may occur.
The crypto market is currently in the middle of a major bearish phase. Over the last week, crypto prices have fallen significantly, leading BTC to be trading at the $63,000 and ETH to be trading in the $1,600 price range. Even promising altcoin assets like XRP have dipped, nearing the $1 price range. Now, altcoin XRP tests key support as analysts debate the possibility of a bottom formation.
Altcoin XRP Tests Key Support as Analysts Debate
According to CoinMarketCap analytics, Ripple’s native token, the altcoin XRP is trading at $1.11, meaning the asset is down by over 4.5% in the last 24 hours and down by over 10% in the last 7 days. This led to several crypto analysts sharing their opinion on what is expected next for the popular altcoin asset. In the eyes of many, this dip down could have been a bottom formation for XRP.
As we can see from the chart in the post above, this popular XRP analyst highlights how, after reaching the major .786 macro support at $1.09, XRP has pushed up to a local .382 retracement (A) and is now completing what looks like a Wave B correction. That B wave targets the .5 retracement around $1.12, and so far, the price is holding it nicely. So what does it mean?
If this relief bounce continues to develop as an ABC pattern, XRP should hold this area and begin working higher toward the $1.25 resistance. That area is important because it’s near the extreme of where this Wave 4 relief can go while still keeping the final 5th wave down toward the $0.90 support zone. This, the expert declares, is where the market will start to revealing its intentions
Has Ripple’s XRP Set Its Bottom Price This Cycle?
The expert then shares a bullish and bearish scenario. The former would be where price holds $1.12, breaks through resistance, and starts building enough momentum to test higher levels. A break above $1.30 would be a strong sign of strength, a wave toward $1.65 would largely invalidate the need for a final move down to $0.90.
In contrast, the latter scenario would mean the price reaches the $1.25 area, finds resistance, and rolls back over. That would likely lead to a break below the .786 support at $1.09 and a final move toward the $0.90 zone to complete the larger macro Wave 2 correction. The post concludes with a call to pay close attention to how XRP behaves around $1.12 support and $1.25 resistance over the next day or two. The reaction in the next few days should reveal whether the bottom is already in or if one final wave is still ahead.
