Ethereum

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

Alex Smith

Alex Smith

2 hours ago

3 min read 👁 1 views
This Is Not The First Time XRP Has Crashed 69%, Here’s What Happened Last Time

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.  

Crypto 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. 

The 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. 

In 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.

Related Articles