Analyst Reveals Plan For XRP Price Using Bitcoin Chart

A market analyst has released a new XRP price analysis, using the Bitcoin chart and price action as the basis for her outlook, revealing a plan for XRP price movement.

XRP Price Forecast Based On The Bitcoin Chart

The analyst’s near-term outlook for XRP is bearish, with ongoing market volatility and shifting sentiment posing challenges. While she highlights potential downside targets, the analyst also applies Elliott Wave theory to pinpoint resistance levels, indicating areas where XRP could decline to.

XRP Price Movement Analysis

Market analyst Tara has shared her plan for XRP, drawing on patterns she observed on the Bitcoin chart. In her post, Tara outlined a clear roadmap for traders, warning that the current bounce seen in the XRP price could be a deceptive move and that significant downside risk remains ahead.

XRP Price Prediction Using Elliott Wave Theory

The analyst identified a complete five-wave Elliott Wave decline on the one-hour XRP chart, noting that price finished its Wave 5 sell-off near the $1.362 support zone, a level visible on the chart as a strong horizontal floor. XRP has continued its corrective move upward, which Tara labeled as an ABC correction.

• Wave A rally: The initial upward move
• Wave B dip: A corrective downward move
• Wave C push: A projected upward move, which she expects to carry the price higher in the short term

XRP Price Targets And Resistance Levels

The analyst explained that, like Bitcoin, XRP is currently awaiting a Wave 2 or Wave 5 retracement. She said the move is targeting the 0.618 resistance level at $1.51, which also lines up with a 1:1 measured move. Moreover, she clearly stated that this upward move carries a bearish label and should not be misconstrued as a sign of bullish strength returning to the market.

XRP Price Warning

Tara further warned that the move could trap many bulls. She noted that many traders may mistake the short-term rally for a genuine breakout, only to be caught off guard when the next wave begins.

Key Takeaways

• XRP price is expected to move upward in the short term, but with a bearish label
• The analyst predicts a Wave 2 or Wave 5 retracement, targeting the 0.618 resistance level at $1.51
• XRP price may decline to $1.12 or $0.87 in the long term
• Traders should be cautious of the potential downside risk and not mistake the short-term rally for a genuine breakout

Frequently Asked Questions

What is the current XRP price?

The current XRP price is $1.37, after an unsuccessful attempt to break and sustain levels above the $1.40 resistance level.

What is the predicted XRP price target?

The predicted XRP price target is $1.51, based on the 0.618 resistance level and the 1:1 measured move.