Connect with us


Analyst Predicts XRP Drop to $0.28 Before Rallying to $1, Sets Entry Points on Monthly, Weekly, and Daily Charts



Prominent analyst shares elaborate XRP analysis on three different timeframes, envisioning a potential slump to $0.28 before a surge to $1.

Poseidon, a notable crypto analyst, recently shared an in-depth analysis of XRP on the daily, weekly, and monthly timeframes. The elaborate analysis envisions a potential slump to $0.28, followed by a rally to $1 once the bull run kicks in.

Daily ChartPoseidon points out a series of rapid price movements in XRP on the daily chart. The asset broke below the range high at $0.5496 on August 29. XRP experienced a swift downturn following this drop, leaving behind an inefficient region.XRP daily Chart
Image source:

Poseidon suggests that if this area fills up and daily closes occur below the range high once again, it might be time to consider a short position, targeting a five times return. This indicates that XRP could continue to slump in the short term.Poseidon advises patience for those eyeing long-term investments until XRP falls to $0.28. Once this occurs, he suggests it’s time to consider long positions for a potential 15-time return. This suggests a conviction that XRP would rally from the $0.28 price.The analyst acknowledges that he is uncertain of XRP’s potential to return to the ATH of $3.31 during this rally. However, he maintains optimism if the broader bull market rekindles. Should this occur, he believes the likelihood of XRP reaching $1 again is high.For XRP to reclaim parity with the dollar, it would need to rally by 98% from its current position. The last time XRP saw the $1 price was in December 2021. Since dropping below the position, the closest it has been to recapturing it was on July 13.Weekly ChartOn the weekly chart, Poseidon highlights a sudden break in XRP’s long-term accumulation phase triggered by news-related volatility.XRP weekly Chart

Image source:

To sustain this momentum, XRP needed to stay above the high at $0.5496. However, the market lacked sufficient buyers to support this move. As long as XRP remains below the high at $0.5496, it could retest the $0.40 level.After clearing this point, Poseidon predicts a pump to the upside to eliminate late shorts, eventually leading to a return to the $0.28 range low level.Monthly ChartTurning to the monthly chart, Poseidon points out that XRP experienced significant growth compared to other large-cap coins during the echo bubble. Echo bubbles are sudden rallies on the heels of the news, market sentiment, or speculation.XRP Monthly Chart

Image source:

XRP’s abrupt upward spike following news of the lawsuit victory was met with a lack of buyer participation. This buyer apathy resulted in a bad rejection candle in July, eliminating the gains picked up during the echo bubble.August saw XRP close back within the range. The analyst believes this is not a good sign and a correction is imminent. Poseidon’s analysis suggests that with this correction, XRP will likely retest the $0.40 (mid-range) and $0.28 (range low) levels before a new bull market emerges. XRP is trading for $0.5035 as of press time, down 0.35% over the last 24 hours. Despite a 7.10% decline in the past seven days, the asset has fiercely defended the $0.50 territory. 


Join our Telegram Channel