Crypto Analyst Says XRP Price Will Crash 80% To $0.10, What’s The Trigger?

Source Newsbtc

The XRP price saw some recovery over the weekend, and has continued to maintain some of this bullish momentum. However, it seems experts do not expect the altcoin to continue its bullish trend, with one crypto analyst predicting that the XRP price is headed for a massive crash.

XRP Price On The Verge Of An 80% Crash

A crypto analyst who goes by the moniker Without Worries on the TradingView website has shared a concerning development for the XRP price. This analysis ,which focuses on the altcoin’s performance over the last two years, suggests that the price is more likely to crash from here than continue its climb.

According to the crypto analyst, the XRP price had been trading inside an uptrend channel for the last two years. Mostly, this channel has held up, allowing the cryptocurrency to hold onto its bullish trend. However, the analyst explains that this uptrend channel support has now failed, and with the confirmation complete, it points to a price reversal for the altcoin.

XRP price chart from Tradingview.com

Furthermore, the crypto analyst points out that this channel support failure came after a could top in the price after the coin broke market structure back in April 2022. Given this, he expects the price to reverse from here and crash to levels not seen since 2020.

The target for this crash sits at the $0.1, according to the analyst. If this happens, it would mean an over 80% crash from the current value of the token, which sits at around $0.5, at the time of this writing.

Could The Uptrend Continue From Here?

Like with any analysis, the crypto analyst explains that there is a scenario in which the XRP price could continue its present uptrend. In such a case, the price would have to continue trading inside the channel and hold its support at this level.

However, he explains that the price action has already exited the channel. Now, the point to hold becomes the $0.3 level. As long as this holds, then the uptrend would continue. “that support not confirm, 10 cents is next,” the analyst explains.

The analyst believes it is possible that the price action does enter the channel and continue to uptrend. However, he points out that this is not probable, given that there is already confirmation of the price failing to hold support.

Nevertheless, at the time of writing, the XRP price is still holding above $0.52 with 1.33% losses in the last day. But it is seeing small gains go 2.82% in the last week and remains the 7th-largest cryptocurrency in the space with a market cap of $29.3 billion.

XRP price chart from Tradingview.com
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changedRate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
Author  Irene Q.
Sep 23, Wed
Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
placeholder
Silver price forecast: XAG/USD rises to near $61.40 as US yields retreat, NFP eyedSilver price (XAG/USD) is up 0.55% to near $61.38 during the late Asian trading session on Friday. The white metal edges up as rally in United States (US) Treasury Yields has hit a pause.
Author  FXStreet
Oct 02, Fri
Silver price (XAG/USD) is up 0.55% to near $61.38 during the late Asian trading session on Friday. The white metal edges up as rally in United States (US) Treasury Yields has hit a pause.
placeholder
WTI Price Forecast: Hangs near four-week low, around $89.00 as bears seem noncommittalWest Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts sellers for the second straight day on Monday and sticks to its intraday losses around the $89.00 mark through the early European session.
Author  FXStreet
Yesterday 08: 13
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts sellers for the second straight day on Monday and sticks to its intraday losses around the $89.00 mark through the early European session.
placeholder
Gold holds steady below $4,150 amid elevated US yields Gold price (XAU/USD) trades on a flat note near $4,140 during the early Asian session on Tuesday. Pressure from a stronger US Dollar (USD) and elevated US Treasury yields was offset by reduced expectations of a Federal Reserve (Fed) rate hike this month.
Author  FXStreet
14 hours ago
Gold price (XAU/USD) trades on a flat note near $4,140 during the early Asian session on Tuesday. Pressure from a stronger US Dollar (USD) and elevated US Treasury yields was offset by reduced expectations of a Federal Reserve (Fed) rate hike this month.
placeholder
AUD/USD Price Forecast: Struggles to return to 0.7000 amid firm US DollarThe Australian Dollar (AUD) gives back its early gains after rising to near 0.6975 and turns marginally lower at around 0.6964 against the US Dollar (USD) during the European trading session on Tuesday.
Author  FXStreet
6 hours ago
The Australian Dollar (AUD) gives back its early gains after rising to near 0.6975 and turns marginally lower at around 0.6964 against the US Dollar (USD) during the European trading session on Tuesday.
goTop
quote