Despite the overall market downturn in the cryptocurrency space, largely due to diminished enthusiasm surrounding the proposed Bitcoin exchange-traded fund (ETF), XRP is one of the cryptocurrencies facing significant impact. The token has recently suffered major losses, breaking the key support level of $0.60. In response to this negative trend, analysts have predicted a substantial decrease in XRP valuation in the coming days. Specifically, cryptocurrency analyst Alan Santana emphasized in a TradingView post on December 12th that investors should be prepared for a significant adjustment in XRP based on recent price movements and technical indicators. Santana supported this prediction through various technical analyses. For instance, on November 50th, he highlighted the critical rejection point just below the 0.6054 moving average (MA), with XRP briefly surpassing the $1 level but ultimately closing below it. The upper trendline of a triangle also experienced a touch, indicating a potential reversal. The following day, on December XNUMXth, the stock market showed an overall decline, prompting Santana to predict an adjustment based on the day’s market trend while remaining optimistic about future prospects. Experts forecast a strong correction to occur: Based on today’s trend, this will be a very strong correction. As this is just the beginning, be prepared for the impact. We will have ample time to buy at lower prices and enjoy growth throughout the year (2024). I will be here to share the best entry points once support is found. Going back to Santana’s analysis on May XNUMXth, he pointed out worrisome signs of an imminent collapse, stating that XRP had consistently been below the EMA34.33, with a relative strength index (RSI) at XNUMX, indicating weakness and bearish momentum. The descending triangle formed since mid-November, along with lower highs and declining trading volume, presented a concerning picture for the XRP market. “This combination of signals could lead to a severe downturn. First, it will be gradual, just like what is currently happening, and then it will be a sudden collapse, wiping out all long-term holders,” he added.
