Trader Warns XRP Now Flashing Bearish Signal That Preceded Solana and Bitcoin Correction – Here’s His Outlook

A crypto strategist who accurately called the Bitcoin ( BTC ) and Solana ( SOL ) correction this year says that the payments altcoin XRP is next in line to witness big price drops.

Pseudonymous analyst Bluntz tells his 318,000 followers on the social media platform X that the XRP against Bitcoin (XRP/BTC) pair is flashing a bearish divergence on the weekly chart.

Traders keep a close eye on coins flashing a bearish divergence as the signal suggests the token is losing bullish momentum and may be ready to enter a downtrend.

Bluntz also notes that XRP appears to be in the midst of an ABC correction against the US dollar.

“Looks increasingly like that was a complacency shoulder B wave on XRP in my opinion.

If BTC and SOL taught me anything the last month, do not fade the weekly bear divs.”

Source: Bluntz/X

Bluntz practices the Elliott Wave theory, which states that an asset tends to go through an ABC pullback after completing a five-wave rally. Based on the trader’s chart, he seems to predict that XRP will fall to the $1 area to complete the ABC correction.

At time of writing, XRP is worth $2.46.

In January, when BTC was trading above $100,000, Bluntz said that Bitcoin appears to have completed a five-wave rally and that a market top may be in. He later updated his outlook and said that Bitcoin was flashing a bearish divergence on the monthly timeframe.

Last month, he told his followers that SOL looked weak after losing the $220 level while showing a bearish divergence on the two-week chart.

At time of writing, BTC is trading for $87,421 and SOL is worth $144.78.

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