Emily Walker
A cryptocurrency analyst has raised concerns regarding a timely selling opportunity for XRP, identifying the price peak of $3.33 as a crucial exit point. The analyst explains that this is an ideal moment to liquidate the asset due to expectations of a significant downtrend that may lead to a decline to new lows.
Sell XRP and Prepare for a Market Correction
On January 23, a TradingView analyst known as ‘Comeon25’ shared an analysis of XRP using the Elliott Wave Theory. He warned of an impending price drop and encouraged traders and investors to sell at the $3.33 mark before a potential downturn.
The analysis indicated that Waves 1 and 2 of XRP’s Elliott Wave cycle exhibited a stabilization phase, while Wave 3 saw a notable increase in price. Currently, Wave 4 is anticipated to bring about a significant correction to lower levels. Consequently, the analyst suggests that this downtrend could descend to the 5 Fibonacci retracement level, specifically targeting $2.5.
According to CoinMarketCap data, XRP is currently valued at approximately $3.12, indicating that a drop to $2.5 would represent about a 20% decrease. Given this outlook, the analyst has labeled $3.33 as the last opportunity to cash out the cryptocurrency at a favorable price.
The TradingView analyst has also provided a timeline for his predicted crash. Based on his chart, the Wave 4 correction is projected to commence shortly and persist until March 25, 2025. This timeline offers a chance for traders and investors to sell their XRP before the expected drop, potentially mitigating financial losses.
Positive Fundamentals and Buying Opportunities
Additionally, the prospect of Ripple relocating its operations to the United States is seen as another positive indicator. This change could align with the nation’s increasing acceptance of cryptocurrencies, providing Ripple with greater regulatory clarity. Moreover, the analyst cited recent advancements, such as major banks in Japan expressing interest in utilizing the XRP network for enhanced cross-border payments.
Aside from these bullish factors, the analyst mentioned a “buy zone” between $2.00 and $2.50 during the anticipated Wave 4 correction, presenting a potential opportunity for investors looking to capitalize on expected gains in the eventual Wave 5 phase of the Elliott Wave cycle.