Crypto analyst John has revealed that the XRP price retracement could deepen to mid-2024 levels. As part of his analysis, the analyst also mentioned the best time to buy as investors look to accumulate amid this crypto market crash.
XRP Price Retracement Could Deepen To Mid-2024 Levels
In a TradingView post, John highlighted the XRP price’s retracement levels to watch out for, which showed that the altcoin could still drop to mid-2024 levels. Specifically, the analyst predicted that XRP could still fall to the Fib price level of $0.3827, which provides an ultra-bullish outlook for the altcoin.
Based on the Fib retracement, John also highlighted $1.89, $1.53, and $1 as key XRP price levels to watch out for. Meanwhile, from a bullish perspective, he revealed $2.6 and $3.4 as levels the asset could still rally to. However, the analyst looks to be more bearish on the altcoin at the moment due to several bearish technical patterns that have formed on the chart.
The latest of these indicators is a bearish engulfing that formed on the weekly timeframe for the token price in late March. Other indicators include a hanging man pattern, tweezer top, and falling three methods. Based on this, its price will likely reach new lows before it surges past its current all-time high (ATH).
John’s accompanying chart also showed that the XRP price could at least drop to the demand zone at $0.86 before it bounces above $3.5. In anticipation of this price drop, the crypto analyst revealed $1.5353 and $1.0284 as “good prices” for buying the dip. The former is the golden zone, while the latter is the entry zone.
Meanwhile, the XRP price could drop below $1, meaning that investors could get the opportunity to buy at a lower price. John alluded to between $1.0284 and $0.3827 as the risk zone, with the neckline of the Quadruple Bottom Pattern at the price range between $0.6291 and $0.7850.
A Higher Chance Of A Drop To The Downside
Crypto analyst Egrag Crypto recently stated that there is a 70% chance of the XRP price breaking to the downside and only a 30% chance for an upside breakout. If the altcoin breaks down, the analyst revealed that the measured move could cause it to drop to as low as $0.65. On the other hand, if the altcoin rallies to the upside, it could reach as high as $17.50.
In another X post, Egrag Crypto warned that the price must not close any consecutive candles on any timeframe in the ‘heavy demand zone’ below $2. If this happens, he stated that it means that the bulls can no longer defend the $2 range and the bears are taking control, which could send prices lower.
At the time of writing, the XRP price is trading at around $1.77, down over 16% in the last 24 hours, according to data from CoinMarketCap.
