This Is Not The First Time XRP Has Crashed 69%, Here’s What Happened Last Time | Bitcoinist.com

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Crypto analyst Crypto Patel has stated that this is not the first time that XRP has crashed 69%. He provided a positive outlook for the altcoin, noting that it recorded a parabolic rally the last time this happened

XRP Pumped 835% Last Time It Crashed 69%

In an X post, Crypto Patel stated that XRP rallied 835% the last time it crashed 69%, suggesting that this was a reason to remain positive despite the current downtrend. The analyst noted that the altcoin is trading around $1.39 after breaking down from the $2 support zone. It is currently retesting the higher time-frame demand level, which previously served as the upper boundary of the multi-year accumulation zone.

Related Reading: Here’s The Most Important XRP Development That No One Is Talking AboutCrypto Patel also noted that XRP already a 69% correction from its recent all-time high (ATH) of $3.66, with a classic breakout-retest setup forming. Furthermore, price is testing a critical support zone after an explosive 835% rally from accumulation. The analyst also alluded to on-chain indicators, noting that XRP has just posted its largest realized loss spike since November 2022. There has been $1.93 billion in weekly losses as holders capitulate. He indicated that this may be a positive, as extreme capitulation often signals a local bottom

Source: Chart from Crypto Patel on XThe analyst also touched on the current technical structure for XRP. The bullish support zone is between $0.86 and $0.66. As such, the price must hold above $0.66 for bullish continuation. A multi-year breakout, retest, and accumulation zone confluence will signal strong demand. A massive capitulation event and key support will signal a high probability reversal zone. Meanwhile, a weekly close below $0.66 will invalidate the bullish thesis, the analyst said.

Upside Targets For The Altcoin

Crypto Patel stated that the upside targets for XRP are $2, $3, $5, and $10, which represent a 10x rally from the accumulation zone below $1. The analyst opined that the altcoin is currently trading at a generational re-accumulation zone after a breakout retest. He added that the $1.93 billion capitulation event often marks the bottom as smart money accumulates while weak hands exit

Related Reading: Why The XRP Price Bottom Could Be In, And A Jump Above $2 Is ComingIn the meantime, crypto analyst CasiTrades has warned that XRP could still drop lower. She noted that price is starting to gather sell strength and the trendline break is looking to form resistance. She further remarked that the altcoin is losing the B-wave low, shifting momentum towards support, with the $1.11 and $0.87 levels as the main downside targets

CasiTrades also mentioned that the local resistance is at $1.40 and that, as long as the altcoin stays below it, the market is likely headed lower. As such, she declared that this is still a no-trade zone and urged market participants to wait for lower supports to be reached or a flip of the $1.65 macro resistance

At the time of writing, the XRP price is trading at around $1.37, up over 3% in the last 24 hours, according to data from CoinMarketCap.

XRP trading at $1.36 on the 1D chart | Source: XRPUSDT on Tradingview.comFeatured image from Free3D, chart from Tradingview.com Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.