2024-7-10 21:30 |
The_Ripple_Effect, a crypto analyst, has raised some concerns about the possibility of the Ripple price having a significant decline based on some technical indicators that they point to.
Based on their analysis, the price has been in a triangle breakdown, and if the price closes below $0.42 on the weekly timeframe, it could be “extremely negative’ for the crypto.
They pointed out that the current technical pattern can be traced back to a corrective wave that has started in 2018, which they tagged a wave 2 correction in the larger ABC pattern.
The analyst sees the current move as being wave C, with a possibility of being either wave 3 or 5. Based on this pattern, the Elliot Wave Theory suggests a major price drop is coming.
Ripple vs. SEC Case: A Long Battle AheadPart from the price action, another reason the price of XRP is having a negative outlook is the ongoing battle between Ripple and the SEC.
The_Ripple_Effect said that the case may not end until July 2026, based on the timeline set by the Second Circuit. The uncertainty around this issue could continue to affect the market sentiment of XRP and make many people continue to drop.
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Despite the current negative outlook, the analyst suggests there may be opportunities for investors in the long run. The_Ripple_Effect points to “buy targets 3 and 4” in the chart as potentially good entry points for “smart money” before a big “utility boost” is expected between 2026 and 2030.
Although the short-term outlook seems negative, The_Ripple_Effect remains somewhat optimistic about the long-term future.
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