The XRP price is currently at risk of a crash as crypto analyst Umair has revealed that the altcoin has formed a death cross. Notably, this same pattern formed the last time that XRP suffered a 15% crash.
XRP Price At Risk With Death Cross Forming
In an X post, Umair stated that a death cross was forming on the daily chart for the XRP price. He further noted that the last time the altcoin printed this setup, it crashed by 15%, which, the analyst said, lines up perfectly with a potential decline to the $1.50 range. As such, he suggested that XRP could face the same outcome, since the same ingredients have formed.
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Umair also mentioned that the chart was building a tight range between $1.90 and $2.08, a range which he described as the entire decision maker. He explained that if the XRP price can stay inside this band and spend time there, then it could form a month-long consolidation needed for a real base.
However, if the XRP price fails to hold this range, then there is nothing stopping it from crashing to the $1.50 zone, according to the crypto analyst. He noted that this is exactly where the previous breakdown logic pointed. He also raised the possibility of another scenario playing out for XRP.
Umair stated that if the XRP price wicks below $1.82 but snaps back inside the $1.90 and $2.08 range, then that could mark the bottom. However, if the altcoin closes below this range, then the range loses integrity, and XRP could begin its freefall. It is worth mentioning that XRP had dropped to as low as $1.8 last week but has since reclaimed the psychological $2 level.
$1.65 Could Mark The Bottom For XRP
Crypto analyst CasiTrades has predicted that the macro .618 support near $1.65 is likely to mark the bottom for the XRP price. This came as she noted that the altcoin was seeing a relief bounce for subwave 4. The analyst added that she expects XRP to backtest the $2 or $2.09 resistance before heading down to complete the final wave of this correction at $1.65.
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CasiTrades noted that this aligns extremely cleanly with Bitcoin. She explained that the BTC price came close to its own macro .382 retracement but hasn’t fully made it yet. The analyst expects BTC to finish its correction at $80,000, as XRP price makes its last move to $1.65. Once those levels are hit, CasiTrades expects the structure to flip bullish fast.
The analyst predicts that Bitcoin will begin its Wave 5 into new highs while the XRP price and other altcoins kick off their macro Wave 3. She declared that they will begin their move together, but with different strengths because they are in different positions in the broader market cycle.
At the time of writing, the XRP price is trading at around $2.17, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Peakpx, chart from Tradingview.com
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