Recent corrections in the cryptocurrency market have caught the attention of traders. Experienced analyst Bluntz has suggested that after the declines of Bitcoin 
$78,680 and Solana 
$84, XRP might also face a similar scenario. Notably, negative signs have appeared on the weekly chart of the XRP/BTC pair, prompting the analyst to encourage investors to closely monitor technical indicators. According to Elliott Wave theory, XRP may enter a critical retracement phase.
XRP Faces Retracement Risk According to Technical Analysis
Analyst Bluntz pointed out that bearish signals are becoming more apparent on XRP’s weekly chart. Technical indicators show that positive momentum is weakening, indicating the formation of a downward trend. It has been particularly noted that XRP is undergoing an ABC correction against the dollar.
Traders are interpreting chart formations as signs of potential value loss. Historical market movements reveal that similar signals have emerged before significant downturns. Consequently, it is anticipated that XRP could retreat to critical support levels, with analyses suggesting a possible drop to the $1 mark.
What Does Elliott Wave Theory Indicate for XRP?
Bluntz evaluated XRP’s current price movements within the framework of Elliott Wave theory. According to the theory, after a five-wave rise, the market is believed to enter the ABC correction phase. The analyst emphasizes that XRP is part of this process, similar to the stages experienced by Bitcoin and Solana.
Based on Elliott Wave analysis, XRP’s current movements resemble previous bull cycles. The analyst warned that corrections in the overall market could also affect XRP. Investors are urged to closely follow technical indicators and market trends to prevent further losses in XRP.
Bluntz highlighted the negative signals emerging in the XRP chart, indicating that the recent declines in Bitcoin and Solana could have similar effects. The bearish divergences observed in weekly charts serve as a warning for traders.
