A prominent crypto strategist, known for accurately predicting price corrections in Bitcoin (BTC) and Solana (SOL) earlier this year, is now turning his attention to XRP, suggesting that the altcoin may be in for significant price drops.
Bluntz, a pseudonymous analyst with a sizable following on social media platform X, recently pointed out a bearish divergence on the XRP against Bitcoin (XRP/BTC) pair’s weekly chart. This indicator typically signals a loss of bullish momentum and a potential shift towards a downtrend for the token.
In addition to the bearish divergence, Bluntz also highlighted an ABC correction pattern forming for XRP against the US dollar. This pattern, based on the Elliott Wave theory, suggests that XRP may experience a pullback to around the $1 area to complete the correction. Currently, XRP is trading at $2.46.
Bluntz’s analysis comes on the heels of his previous accurate predictions in the cryptocurrency market. In January, he correctly identified a potential market top for Bitcoin when it was trading above $100,000. He later warned of a bearish divergence on the monthly timeframe for the leading cryptocurrency.
More recently, Bluntz also correctly identified weakness in Solana (SOL) after it lost the $220 level and displayed a bearish divergence on the two-week chart. As of now, Bitcoin is trading at $87,421, while SOL is priced at $144.78.
Overall, Bluntz’s track record in predicting market movements has garnered attention from traders and investors alike. His insights on XRP’s potential price drops serve as a cautionary reminder for those involved in the cryptocurrency space.
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As always, it’s important to stay informed and vigilant in the ever-changing world of cryptocurrencies. Stay tuned for more updates on XRP and other digital assets to make informed investment decisions.
[Generated Image: Midjourney]