XRP Headed for 70% Correction Towards $0,60? Analysis

After recording impressive gains in recent days, the XRP Is Ripple headed for a 70% price correction towards $0,60? A recent analysis has highlighted a potential significant drop in the price of Ripple’s native token.

The recent impressive 462% bull rally in 30 days, Ripple’s native token, XRP, has become the third-largest cryptocurrency in the market. The recent price surge has brought XRP closer to setting a new all-time high (ATH). On December 3, the cryptocurrency reached a significant peak at $2,82.

Cryptocurrency analyst known as “Without_worries” on TradingView has revealed his expectations for XRP’s price movement in the near future, highlighting a potential sharp pullback.

“17 days ago, the “40% crash for XRP” idea was posted at 1,15. Price action has rallied another 130% since then. Emotions are rife across the comment section with demands for a refund, and the bulls are now asking for an additional 10x by next year. Whether this idea is right or wrong is not the point, it’s about facts.”

The analyst then highlighted four “facts” that support his analysis: 1) Price action is now at resistance inherited from 2017; 2) Price action is outside the Bollinger Band. 2a) RSI support break. 2b) This is also true for the XRP/BTC pair; 3) Bollinger Band is now curving up and inward. 4) Price action is 10x above the lows.

Source: TradingView/Without_worries

“A 70% correction instead of 40% is expected. Price action should retest the resistance break as support to confirm the uptrend. Is it possible for price action to continue higher? Of course. Is it likely? No,” he said.

At the time of publication, the price of XRP was trading at $2,56, up 5.3% in the last 24 hours. In its weekly development, the token has seen a growth of 77% in seven days.