Crypto analyst CasiTrades has declared that XRP’s macro plan hasn’t changed, with the targets still the same. Her comment follows the recent relief rally, which saw the altcoin record double-digit gains.
XRP Still At Risk Of A Further Decline As Macro Plan Remains Intact
In an X post, CasiTrades stated that XRP hasn’t broken resistance and that there has been no change in the macro plan. This update followed the recent relief bounce, with the altcoin rallying to as high as $1.46. The analyst remarked that the larger plan hasn’t changed, as the recent bounce did not break resistance, and that the altcoin has not made a new low, so the plan remains the same.
She also mentioned that nothing shifts until one of the two things happens for XRP. The first is that if the altcoin reaches the lower support zones at $1.11 or $0.87. The second is a potential break above the resistance at $1.67. Until one of these happens, CasiTrades noted that the current price action is just movement inside the same range.
The analyst said that selling pressure should start building into the clear wave 3 down, which is what she is focusing on next. She noted that subwaves are now hinting at the lower macro support at $0.87, which could mark the bottom for XRP, as highlighted in her accompanying chart.
CasiTrades remarked that anything below $1 is a good buying opportunity while she expects this drop to this target to play out within days to weeks. The analyst also predicts that this move down should kick off a macro W3, noting that the extensions are $6.50, $10.50, and $13. A rally to these targets will mark a new all-time high (ATH) for the altcoin.
Elliot Wave Points To Rally To $31
Crypto analyst Egrag Crypto predicted that XRP could still rally to between $15 and $31 based on an Elliott wave analysis. His accompanying chart showed that the rally to $15 will happen on Wave 3, while the rally to $31 will happen on Wave 5. He noted that the altcoin is currently in Wave 2 and that the current pullback sits perfectly within normal Wave 2 retracements.
The analyst added that XRP is still inside the macro channel and there is no invalidation yet. For confirmation of Wave 3, Egrag Crypto stated that the price must reclaim the Wave 1 high with a weekly close and momentum expansion. Until that happens, he warned that the current price action is still corrective, although he is confident that Wave 3 should start soon.
At the time of writing, the XRP price is trading at around $1.40, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Shutterstock, chart from Tradingview.com
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