XRP - 80% decline, be prepared!
- An 80% drop is not sci-fi. But at the end of the day, you can buy cheap XRP at 0.1 USDT and hold it to 589 USDT, as the Simpsons predicted.
- I am very bearish on XRP because the bears are in full control and I will tell you why in this analysis.
- The price is trending in a massive descending parallel channel (very bad) and the first thing we want to see is a break of the channel to think about buying XRP.
- XRP has been in a bear market since 2017. It has been 5 years and we didn't even hit a new all-time high during the 2020–2021 bull market.
- As you can see on this chart, we have broken down out of the symmetrical triangle, which is an extremely bearish signal. You don't want to see triangles at the top of the uptrend as a bull.
- As per my Elliott Wave analysis, this whole structure is totally incomplete and I am missing an impulse wave dawnward.
- We have strong support at 0.1013 USDT, where the market should take stop losses below this swing low before continuing higher to new all-time highs.
- It's very dangerous to buy XRP at this moment because this mini uptrend might already be complete.
- But after all, I think XRP will experience a massive bull market, maybe in 2023-2025, to new all-time highs because it looks very solid on the monthly scale.
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