XRP continues to print wave 2 correction. Analyst explains how XRP price could surge soon. Will XRP set a higher low before a surge to new local highs? The crypto community is still recoverin
The crypto community is still recovering from the latest Binance hack that shook the market. However, despite the $6 billion hack from one of the most reputed crypto exchanges, the community rallied and froze assets immediately to minimize damage. Along with Binance’s promise to buy back the loses, sentiments remain mostly bullish. Meanwhile, prices drop to key support levels and XRP continues to price wave 2 correction.
According to CoinMarketCap analytics, the price of Ripple’s native token asset, XRP, is currently trading in the $1.26 price range, showing that the asset has dipped over 2% in the last 24 hours. In fact the asset almost dipped to the $1.20 price range before recovering slightly. Expectations for XRP have been high throughout the year as analysts were hoping for the peak altseason phase to unfold this year.
As we enter the final two months of the year, analysts had high hopes for the prices of altcoins to soar. Instead, while Q4 began with high sentiments, the prolonged dip after the surge in August and September has now led to declining prices across October. Now, with October nearing its close, the crypto market just experienced a black swan event with the Binance hack.
However, despite the hack, the immediate safety first response from the many vendors working alongside Binance, the losses were minimized and Binance promised to make up for the lost assets soon. This led to analysts sharing their forecasts for what is expected next for the prices of promising altcoin assets. After singing their praises on BTC holding strong and only dipping 2%, they confirm the bull market state once again.
https://twitter.com/CasiTrades/status/2115997362166354297As we can see from the post above, this analyst marks how the Wave 2 formation on the XRP price chart wouldn’t be easy and that this dip is playing out exactly as expected. Presently, there is heavy selling momentum as XRP breaks below the local .618 support at $1.27, finding temporary support near $1.20, a significant resistance level in the past. WHat the analyst expects next is for XRP to hit $1.10.
The analyst concludes by stating that the upcoming corrections for the price of XRP can be fierce, shaking out leverage, and testing every bit of conviction before a potential wave 3 formation. What did you think was going to break nine months of resistance, she asks, a little consolidation and straight to the moon? She ends her message by encouraging holders to not let the selling pressure make their decisions for them.
