Don’t Buy Ripple: XRP Price might drop as much as 30%?

After substantial gains bolstered by Ripple’s legal victory over the SEC, a thorough fractal analysis now hints at a potential 30% drop in XRP’s value. Is this just a temporary setback or the start of a prolonged bearish phase? Will XRP continue to go up? Let’s delve deeper in this XRP price prediction.

What is Fractal Analysis?

Fractal analysis is a crucial tool used by crypto analysts to forecast future price actions based on past performance patterns. It’s akin to looking at historical events and identifying similar patterns that could occur in the future. Such predictive models can be remarkably accurate, offering insights into a coin’s future trajectory.

XRP’s Fractal Tale: Tracing the Patterns

The XRP price chart reveals a telling fractal pattern — a ‘bearish outside day candlestick’ — which often precedes a price downturn. This pattern, which has occurred twice in September, indicates a higher probability of a 30% price drop. The bearish outside day is a significant reversal pattern that forms when the market has reached a peak, and the sellers overpower the buyers, leading to a potential downturn.

XRP Price Projections: A Plunge on the Cards?

With the bearish outside day pattern surfacing, XRP prices might face a tumble. Should this pattern follow through, the XRP price could fall by 30%, setting its near-term downside target as low as $0.55. Such a significant price drop would undoubtedly rattle investors, primarily those who rode the wave of optimism following Ripple’s court victory.

Will XRP continue to go UP?

Over the long term, XRP should definitely continue to go up. Now that the lawsuit is behind us, we should expect Ripple as a company to expand, make good deals with financial institutions and manage to bring XRP price higher. In the short term however, profit-taking might occur leading to a drop in XRP price. But if you’re a long-term investor, this shouldn’t worry you much.