The expert analyst recommended an immediate sale of XRP to avoid a potential 72% drop, with the price expected to fall to $0.6.
The cryptocurrency XRP is highly discussed on social media, and many people expect its price to rise further.
Especially as the legal battle between Ripple and the Securities and Exchange Commission (SEC) is about to conclude and there are prospects for Bitcoin's price to rise.
However, a crypto analyst, Xanrox, expressed his opinion on TradingView that a major decline in XRP's price could occur.
According to them, XRP's price increased by about 600 percent in 2024, after which it lost momentum and could head toward a downturn.
Xanrox
States that XRP's price has been confined within a specific range for a long time, and despite the recent price increase, this trend has not ended.
This price has been in an 'ascending triangle' since 2017, indicating a bearish signal in the current circumstances; furthermore, a sudden increase in price has created a 'Fair Value Gap' (FVG), which is generally filled through a price decrease, and this decline is expected to be downward.
The analyst also highlighted the unusual volatility in XRP's price and the history of traders taking liquidity.
Historically, there have been more bearish phases in XRP's price, indicating that bears are dominant in this cryptocurrency.
In terms of price, Xanrox believes that XRP has peaked and investors should consider closing their positions now.
They expect the price to drop from the level of $2.1 to $0.6, which is equivalent to a 72 percent decrease, and this is the same level from which the major rally started in 2024.
Therefore, those who bought before the rally should secure their profits, and those who joined later should consider exiting even at a loss.
Futures traders have also been advised to close their positions and, if possible, take short positions to realize profits.
Overall, this analysis regarding XRP is a cautious and warning message that there is a likelihood of a significant price drop, so investors should review their strategy...
Not financial advice, do your own research.