Finance Expert Projects 5th Wave Can Take XRP Down to $0.35

XRPcould witness a leg down that would drop its price to $0.35 after observing an imminent price spike, according to a financial expert who identified the asset’s alignment with BTC.

Matthew Dixon, veteran investment trader and CEO of AI Crypto Ratings resource Evai, believes XRP’s future presents a bittersweet experience. Dixon noted this in a recent analysis of XRP’s charts, highlighting that XRP aligns with Bitcoin’s outlook.

The finance expert provided a daily XRP chart to pass across his message. Data from the chart reveals a 5-wave structure that XRP has continued to trade in since mid-July following the lawsuit victory.

XRP Completes Waves 1 to 3

Notably, XRP completed the first wave when it spiked 73% to $0.9380 on July 13 and then dipped from the price point. XRP collapsed by 11.95% following the 73% spike, dropping to a low of $0.6686. The asset formed Wave 1 amid this price action.

XRP Daily Chart | Matthew Dixon

The completion of the second wave came up a few days after the first wave. Dixon’s chart suggests that XRP completed Wave 2 amid a recovery campaign that ensued after the drop to $0.6686. XRP eventually soared to $0.8489, completing the second wave.

Unfortunately, XRP gave in to bearish pressure after soaring to $0.8489. This pressure led to XRP retracing all the gains from July 13, dropping from $0.8489 on Jul. 20 to $0.4226 on Aug. 17. This marked a 50% descent in one month, leading to the completion of Wave 3.

Waves 4 and 5

After recovering from the $0.4226 low, XRP has continued to consolidate between $0.4590 and $0.5496, hedging against drops below $0.45 but unable to breach $0.55. Dixon believes XRP will soon complete Wave 4 amid an imminent price surge that would see it break above $0.55.

The analyst confirmed that this surge could go higher than his target. However, the more intriguing part of his forecast is the projection of a massive leg down for XRP following this price surge.

He called attention to a bearish divergence observed with XRP’s daily Relative Strength Index (RSI). This bearish divergence suggests that XRP faces weakening bullish momentum, and a price slump could be on the horizon.

Dixon thinks such a slump could result in an XRP decline to the $0.35 price level, marking the completion of Wave 5. “Nothing certain in TA but this is a high % probability IMO,” he said. At XRP’s current price of $0.4982, a drop to $0.35 would mark a 29.7% decline.

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