Analyst Forecasts More Pain For XRP

Analyst forecasts more pain for XRP in Q2, warning of a potential 60% correction. The cryptocurrency's price has been stagnant, hovering between $1.30 and $1.35.

XRP Price Analysis

XRP has been trading between $1.21 and $1.55 for nearly two months, with a crucial support zone at $1.21. The next significant move will define the structure and determine whether a more bullish scenario remains valid or a deeper correction unfolds.

Technical Indicators

The cryptocurrency's current structure suggests a more bearish scenario is likely short- to mid-term, with a more complex ABC structure potentially unfolding unless the market really starts an impulse rally.

Bearish Scenario

In this scenario, XRP may bounce into a crucial resistance area, between $1.76 and $2.86, for its B wave in the coming weeks before the price continues to retrace to lower levels for Wave C. This key resistance area requires close attention, as there is a possibility of a bounce into it if the February lows hold.

Correction Potential

• XRP's bottom could situate between $0.98 and $0.48 levels, representing a 30% to 60% pullback from current levels.
• The correction could occur in late Q2 or early Q3, with a potential relief rally in between.

Relief Rally

Chard Nerd shared a similar outlook, affirming that XRP may rally to $1.80-$2.00 in the coming months. The analyst explained that the altcoin could see a relief rally between April and May, which could mark a very critical inflection point, based on its previous performances.

Key Takeaways

• XRP's price may experience a 60% correction in Q2.
• The cryptocurrency's current structure suggests a bearish scenario.
• A relief rally may occur between April and May.
• XRP's bottom could situate between $0.98 and $0.48 levels.

Frequently Asked Questions

What is the potential correction for XRP?

XRP's bottom could situate between $0.98 and $0.48 levels, representing a 30% to 60% pullback from current levels.

When may the relief rally occur?

The relief rally may occur between April and May, with a potential bounce into the crucial resistance area between $1.76 and $2.86.