XRP is showing signs of a price correction, which could be a great time to buy, according to one analyst. Let’s break it down.
The Analyst’s Prediction
A crypto analyst, Blockchain Backer, thinks XRP is nearing the end of a price dip. This dip, part of what’s called an “ABC correction” in Elliott Wave Theory, is expected to create a low price point for buyers. Think of it like a sale – a chance to grab XRP at a discount.
Understanding the ABC Correction
The ABC correction is a chart pattern showing a price drop followed by a temporary bounce, then another drop. We’re apparently in the final part of this pattern (Wave C). Once this wave is done, the price should bounce back up.
Where to Buy?
Blockchain Backer predicts the bottom of this dip will be between $1.40 and $1.50. This aligns with previous support levels and a key Fibonacci retracement level, making it a strong potential buying point. This represents about a 24% drop from the current price, offering a significant discount.
Recent Price Action
XRP recently dropped over 20% to $1.68, but quickly bounced back up to around $1.86, a nearly 10% increase in 24 hours. This jump has surprised some, with speculation about large investors (whales) influencing the market. Trading volume also increased significantly.
The Bottom Line
While the market is volatile, this correction might be a good opportunity to buy XRP at a lower price. The analyst’s prediction of a $1.40-$1.50 bottom is key to watch. However, remember that this is just one analyst’s opinion, and crypto markets are inherently risky. Do your own research before investing.
