A crypto analyst who correctly predicted recent price drops for Bitcoin (BTC) and Solana (SOL) is now warning about XRP.
Bearish Signals for XRP
The analyst, known as Bluntz, claims XRP is showing a bearish divergence on weekly charts. This means the coin’s price action is weakening, suggesting a potential downtrend. Bluntz also points to an ABC correction pattern against the US dollar, predicting a drop to around $1. Currently, XRP is trading at $2.46.
Analyst’s Track Record
Bluntz uses the Elliott Wave theory to analyze markets. This theory suggests assets often experience a three-wave pullback (ABC correction) after a five-wave rally. His previous successful predictions include:
- Bitcoin: Bluntz correctly identified a potential Bitcoin top earlier this year, noting a bearish divergence. Bitcoin has since dropped significantly.
- Solana: He also predicted Solana’s decline, citing a bearish divergence and a break below a key support level. Solana’s price has also fallen considerably.
What’s Next for XRP?
Bluntz believes the bearish signals for XRP are significant, and that the current price is likely a temporary high before a substantial drop. He cautions against ignoring these weekly bearish divergences. However, it’s crucial to remember that this is just one analyst’s opinion, and the cryptocurrency market is inherently volatile.
Disclaimer:
This information is for educational purposes only and is not financial advice. Investing in cryptocurrencies carries significant risk. Always conduct your own research before making any investment decisions./p>
