- An analyst predicts further XRP decline based on Elliot Wave analysis.
- El Salvador considers XRP and Bitcoin for international trade with Russia.
XRP, Ripple’s cryptocurrency, has dropped significantly from $0.650. According to a well-known cryptocurrency analyst, the drop may not be done yet.
In a tweet, analyst Cryptoinsightuk published a one-hour chart of the XRP price, underscoring the possibility of more depreciation based on Elliot Wave theory.
Updated $XRP Wave count, added target zone; pic.twitter.com/16Nzb16jtK
— Cryptoinsightuk (@Cryptoinsightuk) August 2, 2024
Potential Decrease in XRP Price Amid Corrective Wave and Regulatory Scrutiny
The analyst forecasts that during the corrective wave, XRP’s price may fall to $0.52 or perhaps lower before completing the downward pattern and entering a potential comeback zone for a new rally. At the time of writing, XRP is trading around $0.5675, down 5.58% over the last 24 hours.
Meanwhile, we recently reported on the SEC’s postponement of a closed-door meeting with Ripple, which indicated heightened regulatory scrutiny and contributed to the XRP price decrease.
According to Vandell Aljarrah, co-founder of Black Swan Capitalist, the lawsuit looks to be about regulatory techniques rather than fundamental legal difficulties, implying that no significant developments require attention.
On the other hand, CNF noted that El Salvador has begun preliminary trade talks with Russia to settle international trade using XRP and Bitcoin. Despite its ties to the US dollar, El Salvador is considering joining the BRICS coalition. This action could have a big impact on the global cryptocurrency market and XRP’s future.
As traders and investors negotiate these tumultuous waters, the possibility of future falls cannot be discounted. The combination between technical analysis and external factors such as regulatory actions and international trade agreements is expected to define XRP’s direction in the coming weeks.
