Current XRP withdrawal distracted attention from short-term volatility and back to the bigger picture on the chart. The cryptocurrency is currently down more than 60% from July’s all-time high, and the decline shows signs of continuing to decline.
Because the price continues to rise break below support levelsone analyst whose previous forecasts preceded XRP’s major surge says the cryptocurrency may be nearing bottom in its next phase of accumulation.
The analyst points to a novel phase of accumulation
The recent XRP price action has been witnessed by many analysts predict a bottom where the decline can end. However, a technical analysis of XRP price action on a two-week candlestick chart that was published on social media platform X shows the current XRP price action as entering the accumulation zone.
According to for analysisXRP has now corrected about 58% of its recent high, placing it directly in the so-called first accumulation zone between $1.50 and $1.30. Crypto Patel’s prediction is that this area is not about hitting an exact bottom, but about gradually building exposure as the price stabilizes. Based on this, the analyst predicted that XRP the decline will bottom out somewhere between $1.50 and $1.30 and this is a great time to start slowly buying at these levels.
However, Patel’s outlook also includes a scenario of deeper declines. If XRP loses the $1.30 area, the next step will be to focus on the secondary accumulation band between $0.90 and $0.70. However, a move to this lower range would still not invalidate the bullish thesis. Instead, it would represent what he describes as the best long-term accumulation opportunity for maximum returns.
The $10 goal still stands
XRP’s current price action is a long way from hitting $10, and that goal seems out of reach at the moment. However, despite adopting short-term caution, many analysts have not done so changed their long-term forecasts.
For example, Patel noted that his long-term goal was $10. While the $10 target remains the same, the analyst noted buying at $3 or $2 It’s not perfect because during massive declines, there is an opportunity to enter the market at $1.50-1 to make much larger profits.
To support his confidence, Patel returned to his previous recurring call where he shared XRP’s setup at around $0.50 during the last bear market. This setup preceded the rally to $3.66, delivering an boost of over 600%.
XRP price action over the last 24 hours has seen a piercing decline from an intraday high of $1.44 to a daily low of $1.14. Cryptocurrency returned to trading on $1.30 at the time of writing, 670% away from hitting the $10 price target.
Featured image from Getty Images, chart from Tradingview.com
