- Analyst explains volatile XRP price movement.
- This could mark a final low for the popular altcoin.
- The analyst expects one of two targets to be hit before a bullish surge can take over.
The crypto market grows hopefully bullish once again. This time, the reason comes from the Fed officially ending Qualitative Tightening (QT). While Quantitative Easing (QE) has not yet been officially declares, sentiments are high that it will commence soon, bringing in a flood of liquidity to the crypt market. This hope is seeping into altseason pump expectations as one analyst explains volatile XRP price movement ahead.
Analyst Explains Volatile XRP Price Movement
With growing expectations for the crypto bull market to recover and surge into a recovery phase, if not a completely rejuvenated bull phase, that will propel the price of BTC, ETH, and altcoins to new ATHs, predictions for these new targets are growing strong by the day, and one of the most bullish altcoins at the moment remains to be Ripple’s XRP. This altcoin has yet to set a new ATH target this bull cycle.
According to CoinMarketCap analytics, the price of XRP, the popular altcoin created by Ripple, is trading at the $1.99 price range, just dipping below its $2 price range, where it has been trying to hold since the price of BTC and ETH has begun to dip over the past days. This shows that the price of XRP is down by over 2.6% in the past 24 hours and is almost a 50% pump away from reclaiming its previous ATH price at $3.84, set 8 years ago.
Altcoin XRP Could See Its Final Low at One of Two Targets
The asset is currently boasting a total market cap of $120,581,271,993.25 and a 24-hour trading volume of $4,050,149,711.34. However, the volume is up by almost 5% showing active trading activity. Are whales loading up while the price drops? Presently, the XRP price is wavering between the $2 and $1.9 price area. While most analysts are worried about a greater drop, one reputed trader says XRP is acting just as expected.
As we can see from the post above, this analyst marks that XRP is what she expected as the market continues to drop. In detail, she draws attention to the chart in the post that marks the subwave 2 setup where she mentions how XRP is breaking to the first $2.04 Wave 3 target, confirming this as a subwave 3, and the next key level is the extended wave 3 target at $1.90. Next she marks that selling pressure is slowing down, and RSI is building a bullish divergence.
Thus, once $1.90 hits, she expects a bounce up toward $2.04 to retest resistance for a larger wave 4. After the $2.04 backtest, 2 scenarios could play out for the final low. Either a double bottom around $1.80 or a deeper sweep to the $1.64 .618 macro support. The subwaves of the wave down from the $2.04 will hopefully pinpoint where this finally ends. She concludes by saying that this is a very critical week to pay attention and grab these lows.
