Trader Warns of Over 65% XRP Price Crash – Here’s Why
Release: 2024/08/28 21:30 Reading: 722
Trader Predicts Bearish Future for XRP
Crypto trader Alan Santana has released a bearish analysis for XRP on TradingView, forecasting a continuation of the cryptocurrency's downtrend.
Descending Channel and Bearish Indicators
Santana's analysis highlights a descending channel formation for XRP, indicating a series of lower highs and lows. Recent price action, including three consecutive bearish closes, has strengthened the downward momentum.
A Notable Bearish Signal
A notable bearish signal emerged in the latest trading session. The day initially opened positively but reversed course and closed in the red. This pattern, following two previous red days, suggests that sellers have gained control of the market.
Key Support Levels and Targets
Santana identifies several Fibonacci retracement levels as potential support areas for XRP. The 0.382 level at $0.5529 currently provides immediate support.
If this level breaks, the 0.618 level at $0.4871 becomes crucial within the descending channel. A more bearish scenario could see the 0.786 level at $0.4403 provide stronger support if prices continue to decline.
The analyst anticipates a potential move towards the lower trendline of the channel, targeting around $0.3823, coinciding with historical support and the channel's lower boundary.
Extended Bearish Scenario
Santana also considers the possibility of an extended bearish scenario. In this case, he identifies deeper support levels at the 1.236 Fibonacci extension level of $0.3149 and the 1.382 extension level of $0.2743. In an extreme scenario, he even contemplates the possibility of XRP testing the 1.618 extension level at $0.2085, representing a decline of approximately 65.44% from current prices.
Market Conditions and Long-Term Prospects
Santana acknowledges that market conditions will influence XRP's price action. A wider market crash could push prices below predicted levels. However, he remains optimistic about XRP's long-term prospects, anticipating renewed growth once the current bearish wave subsides.
Recent news
More>- PEPE Now Available for New York Users to Trade on Coinbase 11-28
- Tether Discontinues Support for EURT Stablecoin: Here’s Why 11-28
- Best Trending Meme Coins in December 2024: 6.5 Billion Coins Sold in BTFD Coin’s Ongoing Presale, Pepe Coin and Ponke on the Rise 11-28
- As Top Cryptos Recover After Recent Dip, New Meme Coin Pepe Unchained’s Unstoppable Presale Powers Ahead — Only 16 Days Left 11-28
- As Top Cryptos Recover After Recent Dip, New Meme Coin Pepe Unchained’s Unstoppable Presale Powers Ahead — Only 16 Days Left 11-28
- As Top Cryptos Recover After Recent Dip, New Meme Coin Pepe Unchained’s Unstoppable Presale Powers Ahead — Only 16 Days Left 11-28
- Missed PEPE? Don’t Miss Out on This New Token That’s Breaking Records at Lightning Speed 11-28
- CHILLGUY meme coin could be at risk as smart money sells 11-28
- Top Trending Meme Coins to Buy in 2025: BTFD Coin Presale Raises Over $150,000 in Less Than 24 Hours Since Going Live, Dogecoin and Dogs Gro... 11-28
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Top 4 Altcoins At 70% Discounts – Last Chance!
- 8 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
- 9 Top Analyst Who Predicted Dogecoin (DOGE) Last 170x Rally Forecasts New Parabolic Rise, Here’s His Price Target
- 10 New Solana Memecoin Trump Loves Elon to Rally 15,000% Before Exchange Listing, SHIB and Bonk Crash
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com