Bitcoin Drop May Trigger XRP Price Retest of $0.45, Crypto Analyst Warns

According to crypto analyst Chris McCrypto, XRP may revisit the $0.45 level if Bitcoin's price falls to approximately $57k. McCrypto asserts that technical indicators on XRP's chart suggest a short-term bearish outlook.

Since 2021, XRP has traded within a symmetrical triangle pattern, with its price fluctuating between converging trendlines. The lower support level is around $0.45, while the upper resistance line is near $0.70.

This pattern typically indicates a consolidation phase before a breakout. As XRP approaches the apex of the triangle, it could potentially break out to either the upside or downside.

McCrypto's chart analysis indicates that XRP may experience short-term weakness due to bearish signals from key technical indicators. The Stochastic RSI on the weekly timeframe is cooling off, suggesting reduced momentum.

Additionally, a bearish crossover is forming on the RSI, indicating further downside pressure may occur before any bullish momentum can be established.

McCrypto also highlighted the potential influence of Bitcoin's price movement on XRP. He noted that if Bitcoin falls to around $57k, it could drive XRP down to the $0.45 level, aligning with the bottom support of the symmetrical triangle.

While a dip to this level could be concerning for short-term traders, it may also present a buying opportunity for those anticipating a bullish reversal in the long term. The MACD indicator is also approaching a bearish crossover, reinforcing the likelihood of a price correction soon. However, McCrypto's analysis suggests that this could be the final dip before XRP experiences substantial upward momentum, potentially breaking out of the triangle pattern.