Crypto analyst CasiTrades has warned that the XRP price structure has turned bearish, putting the altcoin at risk of a further decline. The analyst also suggested that the price could still crash below $1 as it looks to find a bottom.
XRP Price Structure Shifts Bearish With Key Levels Below
In an X post, CasiTrades stated that the XRP price structure has shifted bearish, with key levels below. She further revealed that price is starting to gather sell strength and that the trendline break is looking to form resistance. The analyst added that price is losing the B-wave low, shifting momentum toward supports.
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CasiTrades also stated that the $1.11 and $0.87 levels are the main downside targets, indicating that the XRP price could still crash below $1. Meanwhile, the local resistance is at $1.40, with the analyst noting that as long as the price stays below it, the market is likely headed lower. As such, she believes that current levels are still a no-trade zone. She urged market participants to wait for lower supports to be reached or a flip of the $1.65 macro resistance.
It is worth noting that the XRP price has recently climbed above the $1.40 resistance and could invalidate the bearish structure if it breaks above the $1.65 macro resistance, as CasiTrades mentioned. This rally has come on the back of Bitcoin’s rally to around $70,000 following a drop to as low as $64,000 earlier in the week.
CoinGlass data shows an increase in activity in the derivatives market amid the XRP price’s rally above $1.40. Trading volume has surged by over 33% to $6.20 billion, while open interest is up by over 6% to $2.39 billion. The long/short ratio is above 1, indicating that most traders are currently long on the altcoin.
The Bottom Isn’t In Yet For XRP
In an X post, crypto analyst TARA stated that she is not convinced that the bottom isn’t in for the XRP price. The analyst noted that an early indication that the bottom is in would be a break above the macro .618 level at $1.47. XRP is said to be testing that level as resistance right now, which TARA noted is a “super critical moment.”
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The analyst suggested that for the bottom to be in for the XRP price, it would need a clean break above $1.88, with such confirmation still a long way away. However, she added that a break above the macro .618 support is a really good first step and a key level that it needs to hold if flipped.
At the time of writing, the XRP price is trading at around $1.44, up over 6% in the last 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
