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Analyst Predicts XRP Crash To $0.07 Amid Triangle Breakdown

XRP price analysis

Crypto analyst @Ripple_Effect11 predicts an imminent XRP price crash in a new technical analysis shared via X. His prediction is underpinned by a bearish breakout from a major triangle pattern that has been forming since the $3.84 all-time high on January 4, 2018. The analysis paints a dark picture for XRP in the coming months, with a potential drop to as low as $0.07, contingent on certain technical events.

Why The XRP Price Could Crash To $0.07

Elliott Wave Theory, which forms the basis of @Ripple_Effect11’s analysis, is a form of technical analysis that predicts future price movements by identifying recurring wave patterns linked to investor psychology. The theory posits that market movements primarily unfold in five ‘impulse’ waves followed by three ‘corrective’ waves.

XRP price analysis | Source: X @Ripple_Effect11

In the case of XRP, the analyst identifies that the cryptocurrency has been in a corrective phase since its peak in 2018, marked by an A-B-C correction pattern. Wave A saw a sharp decline as low as $0.105 in March 2020. Wave B experienced a partial retracement upwards to $1.96 in April 2021. Wave C, where XRP is currently, is typically the final leg and involves another downward move, often completing the corrective phase.

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The analysis suggests that within this final Wave C, XRP is undergoing its sub-waves. It’s currently in the third wave which traditionally is significant in terms of the depth and length of the price movement.

Notably, the chart also shows a large triangle formation which has encapsulated the price action of XRP over several years. A triangle in technical analysis often represents a period of consolidation before the price breaks out decisively in one direction.

According to @Ripple_Effect11, last week’s close below $0.42 confirmed a bearish breakout from this pattern and further supports the theory of a massive price crash. “No one is talking about this MASSIVE XRP triangle breakdown. A weekly close below $0.42 is extremely bearish,” he stated.

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The analyst’s first target is at $0.33 where minor psychological support may exist. A second, more significant target at $0.18, which could represent a firmer historical support zone. The third target ranges between $0.12 and $0.14, possibly acting as interim support before more substantial selling. This price represents the end of the third wave.

Amidst the fourth wave, the crypto analyst predicts…

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