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Crypto analyst Joao, who correctly predicted the XRP price crash, has revealed the altcoin’s next targets. Based on his latest prediction, more pain could lie ahead for XRP, which could still drop below $1.
What’s Next For The XRP Price After The Crash Below $2
In a TradingView post, Joao stated that a long-term distribution phase could be the “most chaotic scenario” for the XRP price following its crash below $2. Through his accompanying chart, the analyst illustrated a “radical distribution scheme” that could potentially extend into late 2025.
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Joao remarked that the XRP price could first show a sign of weakness, dropping below the COVID dump levels, possibly close to $0.10. As that plays out, XRP could follow the Scheme 1 or 2 trajectory. For Scheme 1, the analyst predicts that XRP would drop to $0.1 and then bounce back to $0.4, which is the last point of supply.
On the other hand, if Scheme 2 plays out, he predicts that the XRP price could spike between $5 and $6.8, with an average peak around $5.5 to $5.7, which would likely trigger extreme euphoria. Joao warned that this is just one of the “insane” possibilities and that XRP’s price action will depend heavily on Bitcoin, market makers, supply and demand, public interest, and the macro market.
Crypto analyst John also recently warned that the XRP price retracement could deepen to mid-2024 levels, with the altcoin dropping to the Fib price level of $0.3827. The analyst highlighted a bearish engulfing that formed on XRP’s weekly chart in late March, which is why he believes that the altcoin could still drop to these lows.
Meanwhile, crypto analyst Egrag Crypto stated that based on an ascending broadening wedge, there is a 70% chance of a downside breakout and a 30% chance of a move to the upside. He claimed that the measured move for the downside breakout for the XRP price is $0.65.
$1.90 Has Become Resistance For The Altcoin
In an X post, crypto analyst CasiTrades revealed that $1.90 has become a major resistance to the XRP price. She noted that the altcoin’s price fell to around $1.61 following the Black Monday crash on April 7. This low is said to have made new extremes on the RSI across the market, and it was just shy of major support.
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The XRP price has since rebounded to test the $1.90 level, which CasiTrades affirmed is a major resistance at this point. She remarked that the next support is $1.55, the golden .618 retracement. The analyst added that this price action is exactly what sets up the kind of Wave 3 that breaks through all-time highs (ATHs).
In line with this, CasiTrades claimed that if the XRP price bottoms near $1.55, it would actually strengthen the bullish case for a rally to between $8 and $13 this month. She believes that XRP would easily break the resistance around its ATH on this Wave 3 and possibly send it to as high as $13.
At the time of writing, the XRP price is trading at around $1.8, up over 10% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Medium, chart from Tradingview.com