Analyst Akash Girimath shared two altcoin projects that he expects to drop. Ripple (XRP), one of the altcoins on the analyst’s list, shows no signs of a rapid recovery. There are also solid hurdles that will push XRP further down. As we’ve reported on cryptokoin.com, XRP still continues to grapple with the SEC lawsuit. Another altcoin on the analyst’s list is Ethereum Classic (ETC). ETC shows a distinct and persistent bearish trend. The continued upward move will likely form a lower high. Here are the analyst’s analysis on XRP and ETC
The first altcoin on the list: Ripple (XRP)
Ripple (XRP) price is showing a lack of buying pressure holding it below the critical resistance level at $0.340. For now, the likely level where XRP could form a local top is $0.340 if the buyers step in. There is a possibility that buyers can successfully break above this level and turn it into a support base. Thus, the XRP price will stretch up to $0.360. This critical level of resistance is very important. Because the level is likely to cause a lot of selling pressure by keeping the bulls in check.
A rejection here could trigger the next leg of the collapse that could bring the XRP price down to $0.286. Regardless of the lack of bullish momentum, if XRP price manages to break the $0.381 barrier, it will indicate a resurgence of buyers. This development further invalidates the decline thesis. Thus, it indicates the beginning of an uptrend. In such a case, RP price will revisit the $0.439 level.
Ethereum Classic (ETC)
Between $35.14 and $36.49, Ethereum Classic price is the next area where a lower high could form. Therefore, traders can expect ETC to rise another 5 percent to 7 percent over the course of this week before taking positions for the resumption of the downtrend. Looking for weakness in the above-mentioned resistance area can be a good sign for traders seeking short ETC. The resulting decline could drop Ethereum Classic price by as much as 25 percent to the initial support at $26.27. However, the move could even extend to the next resistance level at $25.11. Rather than reversing in the mentioned area, there are chances for Ethereum Classic price to move higher and retest $39.56.
While things are looking bearish for Ethereum Classic price, the daily candlestick close above $39.56 will create a higher high and indicates buyers are returning. This move should continue above the level stated above. This invalidates the bearish thesis for ETC. Thus, it will trigger a potential rally to sweep the equal highs at $42.58 or $45.48. The Merge update caused the Ethereum Classic price to rise a bit in a short period of time. However, there is a possibility that ETC may face a strong headwind after the Merge. There is a possibility that long positions will deteriorate or lead to capital shortages.
