This was pointed out by a CryptoInsight analyst XRP price is on the verge of another crash, with a potential drop below the psychological level of $2. The analyst also revealed the level that the altcoin needs to recover to invalidate this bearish forecast.
XRP price risk will fall to another low
In Post XCryptoInsight has suggested that the price of XRP may fall to a modern low. This occurred when the analyst noticed that on the lower time frame, the altcoin was trading higher after rebounding from the lows. However, this has not happened yet higher levelwhich indicates a bearish outlook.
The analyst further noted that until the XRP price reaches a higher high, a larger crossover will likely occur, questioning the possibility of a return to the low again. He indicated that XRP will have to break down descending triangle and through the $2.30 level before a reversal could be on the cards.
However, CryptoInsight continues to maintain an upward trend against the XRP price in the long term. He noted that the higher time frame structure is still in good shape and truly intact. The analyst added that the altcoin is holding yearly lows as support, which is also the resistance of the previous 7 years. He therefore stated that it is inevitable that XRP records: modern all-time record (ATH) in the near future based solely on liquidity.
Meanwhile, the analyst noted that he is not sure whether the XRP price will be the first to bottom to regain momentum. Overall, it remains bullish on XRP. Cryptocurrency analyst stated CasiTrades that XRP may need to make a recent low before it turns around and hits modern highs. She highlighted $1.80 and $1.64 as areas where XRP could bottom.
XRP is likely to retest $2.04 with two likely scenarios
In her latest Post XCasiTrades stated that XRP price is likely heading towards a 0.5 Fib macro retest at $2.04. She noted that this level was the most vital in the entire correction. Based on this, she outlined two scenarios that could happen if the altcoin falls to this level. The analyst described the first scenario as a modern, upward trend.
In this scenario, if $2.04 holds as support, XRP price could break above the resistance at $2.41 and push towards $2.65, confirming the modern bullish wave structure is forming. CasiTrades noted that this potential move would strongly suggest that the macro low is well underway, with the altcoin eyeing modern highs in the $7 to $10 range.
Meanwhile, the second scenario is a bearish test of the 0.618 support. If XRP price fails to hold at $2.04, CasiTrades predicts it will likely rise towards $1.64, completing the full macro retracement at 0.618 before macro wave 3 triggers.
At the time of writing, XRP is trading around $2.08, down more than 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com
