A crypto analyst has sounded the alarm on a last-minute selling opportunity for XRP, pinpointing the price high at $3.33 as a prime exit point. The analyst shared why he believes now is the best time to sell off the token, predicting a severe downturn that could trigger a crash to new lows.
Analyst Urges XRP Sell Off, Brace For Correction
On January 23, a TradingView analyst called ‘Comeon25’ presented an XRP chart analysis based on the Elliott Wave Theory. He forecasted an impending price crash and urged investors and traders to exit the market at the $3.33 price level before the anticipated correction occurs.
In the chart, the analyst disclosed that Wave 1 and 2 of XRP’s Elliott Wave cycle highlighted a period of consolidation while Wave 3 reflected strong upward movement, characterized by significant gains. Conversely, Wave 4, the focus of the current analysis, is expected to trigger a deep correction to new lows. As a result, the analyst predicts that this downtrend could lead to a massive price crash to the 5 Fibonacci retracement level, with $2.5 being the likely target.
Data from CoinMarketCap shows that the XRP price is trading near $3.12, meaning a drop to $2.5 would equate to a roughly 20% decline. Given this potential price correction, the analyst has pinpointed the $3.33 price level as the final chance to sell off the altcoin at a relatively high value.
The TradingView analyst has also revealed a potential timeline for his crash forecast. According to the chart’s projection, the Wave 4 correction is expected to start soon and last until March 25, 2025. This timeframe allows investors and traders to potentially sell off their XRP before the anticipated decline, helping avoid significant financial loss.
Bullish Fundamentals And Key Buy Zone
While ‘Comeon 25’ warns of a potential XRP price crash, the TradingView analyst highlighted several bullish fundamentals that could propel the cryptocurrency higher in the long term. According to his chart analysis, a key factor supporting a bullish outlook for the altcoin is the potential for a pro-crypto government under Donald Trump’s leadership, which could create a favorable regulatory environment for all cryptocurrencies.
The TradingView analyst also mentioned the possibility of Ripple relocating to the United States (US) as another significant bullish indicator. This move could align with the country’s growing pro-crypto agendas, enabling Ripple to gain more regulatory clarity. Moreover, he highlighted recent adoption milestones, as Japan’s banks have announced intentions to integrate the XRP network to facilitate cross-border payments more effectively.
Moving on from XRP’s bullish fundamentals, the analyst’s chart highlights a “buy area” between $2.00 and $2.50 during the expected Wave 4 correction. This zone could present a good entry point for taking advantage of potential surges in the final Wave 5 of the Elliott Wave cycle.
