A market analyst has released a new XRP price analysis, using the Bitcoin (BTC) chart and price action as the basis for his opinion. It’s almost time for the analyst the outlook for XRP is lowwith ongoing market volatility and changing sentiments creating challenges. While highlighting potential targets, the analyst is active Elliott Wave Theory to identify resistance levels, indicating areas where XRP may decline.
Market analyst Tara has it shared his XRP plan, drawing on patterns he saw in the Bitcoin chart. In his letter to X, Tara presented a clear guide for traders, warning that the current jump seen in the price of XRP may be a deceptive move and that low risk he sits in the front.
The analyst identified the complete five waves Elliott Wave down on the XRP one-hour chart, noting that the price ended its Wave 5 sell-off near the $1.362 support area, a level seen on the chart as a strong horizontal bottom.
XRP Price Prediction Based on Bitcoin Chart
Since that bottom, XRP has continued to the top of the correction, Tara wrote ABC preparation. This pattern consists of a Wave A rally, a Wave B dip, and a proposed Wave C push, which is expected to increase the price in the short term.
Related Reading: XRP Price Won’t Move As People Think, Here’s A Better Pattern
The analyst explained that, like Bitcoin, XRP is currently waiting for a retracement of Wave 2 or Wave 5. He said the move is targeting the 0.618 resistance level at $1.51, which is also in line with the 1:1 scaled move. Furthermore, he clearly stated that this move to the upside has a bearish label and should not be misunderstood as a sign of bullish power returning to the market.
Tara went on to warn that this action could trap many bulls. He mentioned that many sellers can’t mistake a short-term rally for a real exitthey will be caught off guard when the next wave begins. The analyst also noted that, based on his reading of the Elliott Wave structure, traders should already be thinking about what wave may come next if this follow-up is completed near the $1.51 resistance area visible on the chart.
Looking ahead, Tara identified Wave 3 as the next big step to watch. He noted that Wave 3 is carrying referred to below as low as Double Bottom at $1.12. The analyst added that the macro support level of $0.87 on the price chart also remains a possible and valid target, representing a deep pullback from current price levels.
Update on XRP Price Action
XRP price is currently sitting at $1.37 after a failed attempt to break and sustain levels above the $1.40 resistance level. According to CMC data, XRP price performance has been very bearish in the past two weeks, it is down more than 6% in the past seven days and more than 3% in the past 24 hours.
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The recent decline was caused by a lack of strong bullishness in a market characterized by high volatility and ongoing geopolitical tensions. XRP’s ongoing technical structure and negative sentiment also weighed heavily on its price increase.
Featured image from Getty Images, chart from Tradingview.com
