An analyst predicts further XRP decline based on Elliot Wave analysis.
El Salvador considers XRP and Bitcoin for international trade with Russia.
XRP, Ripple’s cryptocurrency, has dropped significantly from $0.650. According to a well-known cryptocurrency analyst, the drop may not be done yet.
In a tweet, analyst Cryptoinsightuk published a one-hour chart of the XRP price, underscoring the possibility of more depreciation based on Elliot Wave theory.
Updated $XRP Wave count, added target zone; pic.twitter.com/16Nzb16jtK
— Cryptoinsightuk (@Cryptoinsightuk) August 2, 2024
Potential Decrease in XRP Price Amid Corrective Wave and Regulatory Scrutiny
The analyst forecasts that during the corrective wave, XRP’s price may fall to $0.52 or perhaps lower before completing the downward pattern and entering a potential comeback zone for a new rally. At the time of writing, XRP is trading around $0.5675, down 5.58% over the last 24 hours.
Meanwhile, we recently reported on the SEC’s
