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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Aug 08, 2023 06:52 UTC
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XRP Price Could Fall to $0.48 in Market Correction, Warns Analyst
XRP's price soared 100% after a court ruling, then dropped over 25% with lower trading volume due to altcoin popularity.
Despite market turbulence, XRP whales consistently collect assets, signaling positive long-term prospects.
Analyst Nick sees potential for a rebound to 66 cents but advises caution, as a larger correction might bring XRP to 48 cents.
XRP, the digital asset backed by Ripple, has taken investors on a thrilling roller coaster ride of ups and downs due to a recent court ruling in a lawsuit. The XRP price experienced a remarkable 100 percent surge immediately after the ruling, only to retract by more than 25 percent shortly after, accompanied by a noticeable drop in trading volume.
Traders, Beware!
Recent data from cryptocurrency price oracles has revealed a significant plunge in XRP’s daily traded volume, plummeting from over $10 billion to around $1.4 billion following the legal decision. This shift in demand can be partially attributed to the growing popularity of alternative altcoins like Shiba Inu (SHIB), which are currently offering more enticing trading opportunities.
Surprisingly, despite the price turbulence, data from on-chain sources indicates that XRP whales have been steadily accumulating digital assets throughout the past year, seemingly unfazed by the market’s ups and downs. This consistent accumulation pattern suggests a bullish long-term outlook for XRP among these influential investors.
Read More: Here’s the Ultimate XRP Price Game Plan for the Upcoming Bull Run!
XRP Price Analysis by Nick
Renowned crypto analyst Nick from Cheeky Crypto has delved into the current state of XRP’s price, providing valuable insights into its potential path. According to Nick’s analysis, XRP seems poised to enter its third wave within the ongoing correction phase.
Nick predicts that XRP’s price could experience a rebound in the near future, with a potential reach of 66 cents before undergoing further retracement. Notably, he pinpoints a crucial support range for XRP between 53 cents and 58 cents.
Reality Check
However, Nick advises caution for XRP traders who are anticipating a rapid surge towards the $1 mark. He highlights that the bullish momentum appears to have subsided, with a completion of a three-wave Elliott structure on the weekly time frame.
In anticipation of a larger market correction, Nick outlines the potential for a macro ABC wave correction that could push the XRP price down to 48 cents. It’s important to note that this scenario could be invalidated if an unforeseen upward movement to $1 occurs in the upcoming months.
In conclusion, the recent developments surrounding XRP have created a tumultuous market environment, with price swings and changing trading dynamics. Despite short-term uncertainties, the accumulation behavior of XRP whales and insights from analysts like Nick highlights the complex and evolving nature of crypto.
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