Chart analyst Alessio Rastani took to his latest analysis about XRP and said that he’s waiting to understand better what XRP offers, especially looking at its patterns and charts. He brought to attention a scenario where XRP might surprise everyone by going above certain resistance levels, which could mean a temporary bounce up before a bigger drop later on.
The analyst also recalled an analysis from December 2020 where he correctly predicted that XRP was at its lowest point and recommended buying it, which turned out to be a good call as XRP’s price later rose higher than expected.
Looking at XRP’s recent trends, he described how it has been correcting after a big rise in previous years. Rastani explained in simple terms that the current bounce in XRP’s price looks more like a temporary recovery rather than a strong upward trend. He warned that if XRP doesn’t break through certain price barriers soon, it could mean another big drop in its price, possibly back to the lows of 2020 or even lower.
Key Levels To Watch
The analyst pointed out that the way XRP’s price moves suggests it’s correcting rather than moving strongly upward. He predicted that if XRP falls below key support levels, it could head towards $0.20 or even $0.10.
In conclusion, he thinks there’s a high chance XRP will drop soon. He believes this based on the chart’s signals, especially if it falls below key support levels like $0.41 and $0.35. He also added that if XRP breaks above resistance levels near $0.64 and $0.75, he might change his mind. But for now, he sees more signs pointing towards a downward move in the near future.
At the time of writing, XRP is trading at $0.46 levels and is down by more than one percent in the last 24 hours.
