The post Attention XRP Army! Prepare for a Massive 80% Drop in XRP Price Very Soon! appeared first on Coinpedia Fintech News
Ripple Vs SEC lawsuit is speculated to be reaching its destiny in a short while from now as both parties await the Summary judgment. While the judgment is believed to be rolled out by mid of November, the XRP price is believed to be positively impacted as the crypto may be again listed on the USA-based exchanges which delisted the crypto after the SEC sued the company.
While positive sentiments are coiling up for the XRP price, the crypto is believed to undergo a major correction. A popular analyst, Tolberti cautions the XRP Army to be prepared for an 80% drop in XRP prices that may drag the asset as low as $0.1.
The Ripple crypto has been within an extensive bear market since 2017, as the asset has not marked the highs for nearly 5 years, not even during the 2020-21 bull run. The XRP price continues to trade within a massive parallel channel which is more evil for the asset than may further compel it to undergo a breakdown.
Initially, the XRP price broke down front the symmetrical triangle during the major collapse in May 2022 which led to a drop of nearly 55%. However, the price is trying hard to recover and has surged more than 70% at the moment which is believed to be eased very soon. The Elliot waves do not display a complete structure as an impulse wave downward is missing.
As a result, the XRP price forecast in the term remains extremely bearish as a steep downtrend towards the lower strong support at $0.1013 emerges. Following the crash, the analyst still believes the asset to ignite a strong bull run from 2023 to 2025, and this time it may form a new ATH beyond $5.