XRP Set to Experience Significant Price Decline Here is Our Forecast

Despite the overall market decline in cryptocurrencies, primarily due to the decrease in enthusiasm surrounding the exchange-traded fund (ETF) for Bitcoin, XRP is one of the cryptocurrencies facing significant impact. The token has recently suffered major losses, breaking below the key support level of $0.60. Analysts have predicted a significant downward valuation for XRP in the coming days to address this negative trend. In particular, cryptocurrency analyst Alan Santana emphasized in a post on TradingView on December 12 that investors should be prepared for a major adjustment in XRP based on recent price trends and technical indicators. Santana supported this prediction through various technical analyses. For example, on November 30, he highlighted the key rejection point just below the 0.6054 moving average (MA), with XRP briefly surpassing the $1 level but ultimately closing below it. The upper trend line of the triangle also experienced a touch, indicating a potential reversal. On the following day, December 1, the stock market showed a widespread red color, prompting Santana to predict an adjustment based on the day’s market trends while remaining optimistic about the future prospects. Experts predict a strong correction will occur: Based on today’s trends, this will be a very strong correction. As this is just the beginning, please be prepared for the impact. We will have ample time to buy at lower prices and enjoy the growth throughout the year (2024). I will be here to share with you the best time to enter once support is found. Going back to Santana’s analysis on May 200, he pointed out worrying signs of an impending collapse and noted that XRP has been consistently below the EMA34.33, with a relative strength index (RSI) of 50, indicating weakness and a bearish momentum. The descending triangle formed since mid-November, along with lower highs and declining trading volume, presents a concerning outlook for the XRP market. “This combination of signals could lead to a severe decline. First, it will be gradual, as it is happening now, and then a sudden collapse that wipes out all long-term holders,” he added.