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Ripple’s XRP Is Finishing The Correction It Started a Year Ago: What’s Next?

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It was a year ago this month when the cross-border token stole the show, rode the bull train, and did what many thought was impossible: it broke its all-time high after seven years of pain and suffering.

Since then, though, the correction has been quite severe. XRP lost the $3.00 and $2.00 support levels in the following months before it collapsed to $1.01 during the late June and early July crash. Despite rebounding slightly to $1.07 as of press time, its price action remains highly depressed, struggling at over 70% below last year’s all-time high.

However, here comes CasiTrades’ positive news for the Ripple bulls as the popular analyst believes XRP’s year-long correction might finally be close to an end.

Over Soon?

In her latest analysis on the token’s price performance, she noted that the lower timeframes have shown a potential final 5-wave impulse down, which might take it to the major macro support at $0.87. Several analysts have weighed in on the matter lately, indicating that XRP might indeed bottom somewhere between $0.80 and $0.90.

According to CasiTrades’ vision on how the probable leg down will materialize, she noted that the first wave will be a sharp decline toward $0.93. The subsequent bounce will take the asset to $1.00, which would now serve as major resistance, and the rejection is likely to deliver the aforementioned bottom at $0.87.

“That final move would complete the macro Wave 2 correction and finish off the correction we’ve spent the last year building! The odds still favor one final low into support before the next major trend begins!”

Interestingly, ChartNerd offered a rather identical prediction for the cross-border token, suggesting that the consecutive lower highs can spell trouble and send it to well under $1.00.

What Follows Will Be Massive?

CasiTrades, alongside a few other analysts, believes the aforementioned leg down would be necessary for XRP to cleanse its current market structure and the so-called weak hands before it enters its next phase of expansion. MikybullCrypto also joined the bullish wave, noting that the token is forming something “massive.”

Although the analyst failed to outline a specific target now, he has been quite optimistic about making big XRP forecasts in the past, including a potential run to a new all-time high of $4.00 and beyond.

Публикацията Ripple’s XRP Is Finishing The Correction It Started a Year Ago: What’s Next? appeared first on CryptoPotato.

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