- Analyst claims XRP’s crash was orchestrated; strategic correction offers buying opportunities ahead.
- Fibonacci levels show strong support, signaling a potential XRP recovery.
- Institutional investors capitalize on XRP dip, while retail panic spreads.
Crypto analyst ChartNerd has raised an intriguing perspective on the recent dip in XRP’s price, describing it as an orchestrated move rather than an indication of a deeper market flaw. In a recent update, ChartNerd pointed out that while many retail traders are caught in a state of panic, the downturn is part of a larger, strategic correction.
With key support levels already in place, the analyst reassures XRP holders that there’s no need for immediate concern. The drop in XRP’s price has caused widespread panic, triggering fears among traders. However, according to ChartNerd, this market dip is not a sign of fundamental weakness but rather a strategic shakeout. The current price action is believed to be orchestrated to flush out weak hands and eliminate leveraged positions, ultimately stabilizing the market.
While the panic spreads among smaller traders, institutional players are likely capitalizing on the dip, viewing it as a chance to acquire XRP at lower prices.
Also Read: Over 520 Million XRP Removed from Circulation – Here’s Where it Went
Fibonacci Levels Offering Support
Despite the market turmoil, ChartNerd emphasized that XRP has solid support levels in place. The cryptocurrency is currently testing key Fibonacci retracement levels, which are known for providing reliable support and resistance zones.
The 0.5 Fibonacci level at $2.0674 is one of the critical levels being monitored, as it has historically acted as a strong support point. Additionally, the 0.618 level at $1.9929 and the 0.786 level at $1.8915 could provide further protection if the price continues to decline.
The chart also reveals a falling wedge pattern, indicating that XRP is in a typical corrective phase. As this pattern completes, a breakout could follow, signaling a possible recovery. Although the current price action appears bearish, this pattern suggests a potential rebound as the market stabilizes.
Why the Panic is Unnecessary
ChartNerd argues that the panic among traders is a response to short-term price movements. When looking at the broader trend, XRP is simply undergoing a natural correction. The dip does not indicate a major shift, and experienced investors know this is a common market phase.
Institutional buyers are likely to take advantage of the lower prices, seeing this as a prime buying opportunity. If the support levels hold, XRP is expected to recover, and the long-term upward trend will remain intact.
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