In mid-February, when the crypto market (including XRP) was pumped to multi-month highs, emotions rose. There have been a few Bitcoin investors expecting BTC to break the all-time high of $ 20,000 by half, irrational as it may sound today.So when a prominent crypto trader shared a chart showing that XRP, then $ 0.27 at the time, was on the verge of falling 50% to a “potential long-term low” between $ 0.13 and $ 0.15, many smiled at this forecast.
But just a month later, his prediction proved to be correct when XRP took part in the now famous Black Thursday crash, in which all global markets suffered massive losses due to fears of the economic effects of the corona virus.
What does he expect next?
According to the same trader who held the $ 0.13 quote, XRP is currently in the midst of an Elliot Wave correction that is likely to cause the cryptocurrency to fall towards $ 0.08-0.09 and then continues to fall to $ 0.05-0.06 to hit a long-term low in mid-2020.
All eyes on Bitcoin
Still, a Bitcoin price recovery could change that. After all, BTC leads the rest of the market. And at the moment there are supposedly many reasons to be optimistic. Qiao Wang from Messari, a former institutional trader, recently shared the image below that shows Bitcoin’s order book for Coinbase Pro.