A market analyst has released a new XRP price analysis, using the Bitcoin (BTC) chart and price action as the basis for her outlook. The analyst’s near-term outlook for XRP is bearish, with ongoing market volatility and shifting sentiment posing challenges. While she highlights potential downside targets, the analyst also applies Elliott Wave theory to pinpoint resistance levels, indicating areas where XRP could decline to.   

Market analyst Tara has shared her plan for XRP, drawing on patterns she observed on the Bitcoin chart. In her post on X, Tara outlined a clear roadmap for traders, warning that the current bounce seen in the XRP price could be a deceptive move and that significant downside risk remains ahead.

The analyst identified a complete five-wave Elliott Wave decline on the one-hour XRP chart, noting that price finished its Wave 5 sell-off near the $1.362 support zone, a level visible on the chart as a strong horizontal floor.

XRP Price Forecast Based On The Bitcoin Chart

From that bottom, XRP has continued its corrective move upward, which Tara labeled as an ABC correction. This pattern consists of a Wave A rally, a Wave B dip, and a projected Wave C push, which she expects to carry the price higher in the short term. 

Related Reading: XRP Price Will Not Move The Way People Think, Here’s A Better Pattern

The analyst explained that, like Bitcoin, XRP is currently awaiting a Wave 2 or Wave 5 retracement. She said the move is targeting the 0.618 resistance level at $1.51, which also lines up with a 1:1 measured move. Moreover, she clearly stated that this upward move carries a bearish label and should not be misconstrued as a sign of bullish strength returning to the market.

Tara further warned that the move could trap many bulls. She noted that many traders may mistake the short-term rally for a genuine breakout, only to be caught off guard when the next wave begins. The analyst also noted that, based on her readings of the Elliott Wave structure, traders should already be thinking about what wave could come next once this retrace completes near the $1.51 resistance zone visible on the chart. 

Looking further ahead, Tara pointed to Wave 3 as the next major move to watch. She noted that Wave 3 carries downside targets as low as a Double Bottom at $1.12. The analyst added that the $0.87 macro support level on the price chart also remains a likely and valid target, representing a much deeper pullback from current price levels. 

Update On The XRP Price Action

The XRP price is currently sitting at $1.37 after an unsuccessful attempt to break and sustain levels above the $1.40 resistance level. According to CMC data, XRP’s price performance has been largely bearish over the past two weeks, dropping by more than 6% in the last seven days and over 3% in the past 24 hours.

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The recent downturn has been driven by a lack of strong bullish catalysts in a market marked by high volatility and ongoing geopolitical tensions. XRP’s persistent bearish technical structure and negative sentiment have also weighed significantly on its price momentum.

Featured image from Getty Images, chart from Tradingview.com

Crypto analyst Crypto Patel has predicted that the BNB price could break $3,000, marking a new all-time high (ATH) for the Binance-linked coin. The analyst shared a game plan for exactly how this move is expected to play out by 2028. 

How The BNB Price Rally To $3,000 Could Play Out

In an X post, Crypto Patel said that the BNB price could drop to $400 before hitting $3,000. The analyst noted that the altcoin has bounced perfectly from the near 0.5 Fib Retracement level and now climbed 21%. As to what is next for BNB, he said that if price holds above the 0.5 Fib level, then a new ATH setup would be in play. 

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However, if the BNB price breaks below $526, then it could lead to a drop to the second accumulation zone (the first being $600) at between $450 to $380, a range which Crypto Patel described as the best discount zone. The analyst said his personal target for BNB is $3,000, which he believes could be reached during the altcoin season. However, he reiterated that he won’t be surprised if a retest of $400 comes before the massive run to $3,000. 

The BNB price, along with the broader crypto market, is currently facing downward pressure due to the U.S.-Iran war, which is entering its fourth week. Crypto prices had crashed yesterday as oil prices rose to new highs after Iran and Israel attacked key energy sites in the Middle East. Escalating tensions are raising concerns that the war could drive inflation higher, which is bearish for the BNB price and the broader crypto market. 

Analyst Says BNB Seeing A Notable Shift In Structure

In an X post, crypto analyst CryptoPulse noted that the BNB price is showing a notable shift in structure. This came as he revealed that price attempted a breakout to the upside but failed after trading within an ascending channel. The analyst added that BNB has now broken below the lower bound of this ascending channel. CryptoPulse warned that if this level turns into resistance, further downside pressure could follow.

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Crypto analyst Batman said that a rally remains on the table for the BNB price. He noted that the altcoin was holding up relatively well and that the price hasn’t made a significant move yet. The analyst also revealed that the token was holding above a key confluence, a bullish FVG, and the 0.618 Fibonacci level. As long as the price holds above $610, Batman said BNB could still rally. 

At the time of writing, the BNB price is trading at around $642, down in the last 24 hours, according to data from CoinMarketCap.

Featured image from Adobe Stock, chart from Tradingview.com