Cryptocurrency analyst TARA predicted this XRP price it could still fall below the psychological level of $1. This came as she drew the altcoin’s correlation to Bitcoin’s price action, while highlighting how a BTC crash could also push XRP as low as $0.87.
XRP price could fall to $0.87 if Bitcoin crash deepens
In Post XTARA stated that a Bitcoin crash to $52,200 would push the XRP price down to the 0.786 support at $0.87. She noted that at this level there is also the extension of .618 and the gap it left October 10th liquidation event. The analyst made these comments while also noting what he was looking for in XRP during a downtrend in the market.
TARA also mentioned that the price of XRP has reached the textbook resistance of 0.382 at $1.53, but the Bitcoin wave appears incomplete. She predicted that in the compact term, XRP could suffer another decline, as she expects short-term correction for BTC to $65,800, after which there will be another boost to the 0.5 resistance level at $75,400.
The analyst said it was expected Bitcoin crash to $65,800 could bring the XRP price down to $1.30 as short-term support, with another upside wave expected until 0.5 resistance at $1.65. Meanwhile, TARA remains bullish on XRP in the longer term, noting that Wave 3 macro targets remain at $7-9.
She also noted that XRP may have bottomed near its current range, but BTC is still largely driving the price action of altcoins and the broader cryptocurrency market, so it could continue to decline.
Two potential scenarios for XRP
Cryptocurrency analyst CasiTrades stated in an analysis Post X that the XRP price is currently in a wave 4 relief phase that could take it towards the 0.5 retracement and 0.618 macro near $1.65, a level it described as critical. She warned that if XRP fails to convert $1.65 to support, it would be a immaculate sweep last wave down target: $1.09 or even $0.90.
CasiTrades further stated that the current relief rebound has reset the RSI enough that a move to these levels would likely result in bullish divergencemaking them “unique long-term shopping zones.”
On the other hand, if the price of XRP rises to $1.65 again, she said it would be best to wait for confirmation of the support backtest and then utilize it as an entry into strength. The analyst told investors that this is not the time for panic and selling as major lows have already been reached and there is a risk that the latest wave of declines will fail.
At the time of writing, XRP is trading around $1.38, down more than 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
