Crypto analyst Alessio Rastani has presented a concerning forecast for XRP, suggesting a potential drop to **$0.13** or lower in the upcoming phase, termed ‘Wave C’, of his Elliott Wave Theory analysis. This anticipated decline is nearly a full reversal from the previous ‘Wave B’, mirroring the corrective pattern observed in ‘Wave A’ back in 2020.
Rastani recalls the 2020 surge in XRP’s value, coinciding with its classification as non-secure, which ultimately resulted in an overlapping rally, indicative of a corrective rebound. Typically, such corrective rallies are viewed pessimistically, as they tend to culminate in a downward trend.
**Visual Analysis:**
*Source: Alessio Rastani via YouTube*
For XRP to maintain an upward momentum, Rastani argues that it must exhibit an impulsive rally. Considering the ongoing strength of the 2022 corrective rally, a further drop in XRP’s value remains a possibility.
Highlighting critical support levels at **$0.41** and **$0.35**, Rastani warns that breaching these thresholds could lead to a decline towards **$0.20** and **$0.17**, with a potential fall to **$0.13** not being out of the question.
**Projected Timeline:**
The timeline for this potential downturn could span several months, with Rastani speculating that by the end of 2024 or early 2025, XRP could hit these low points. However, should XRP ascend past the resistance levels of **$0.64** and **$0.74**, his predictions would be invalidated.
Rastani also notes a significant “downward negative momentum” on the XRP chart, suggesting a likely decrease, especially if it dips below **$0.35**. While this trend has yet to fully manifest, it is expected to emerge soon.
**An Alternative Outlook:**
Despite his skepticism, Rastani outlines an alternative scenario where, if XRP breaks above **$0.64** and **$0.74**, it could set the stage for a rise to approximately **$1.40** for ‘Wave C’. This would imply that the 2022 surge was ‘Wave A’ and the subsequent drop to around **$0.40** was ‘Wave B’.
He also entertains the possibility of XRP revisiting its 2021 peak of **$2**. Although this alternate scenario is less favorable for XRP, Rastani emphasizes that the primary forecast, which sees a potential plummet to as low as **$0.13**, is more probable.
Despite the lack of optimism, XRP has seen a slight uptick recently, with CoinMarketCap listing its current price at approximately **$0.4785**, marking a **1.03%** increase over the past day.
Conversely, the AMM pool on the XRP Ledger, which has secured close to 10 million XRP, signals a notable expansion, as reported by CNF earlier.
**Further Reading and Resources:**
– Guide to Purchasing Ripple (XRP)
– Tutorial for Ripple XRP Wallet
– Monitor XRP Prices (24-hour)
– Latest News on Ripple (XRP)
– Understanding Ripple (XRP)
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