Market Expert Warns of Potential Decline in Major Cryptocurrencies

Crypto market expert Jason Pizzino has raised alarms regarding the potential for further value loss in major cryptocurrencies like XRP, Solana $111 , and Ethereum $1,589 . Through his social media updates, he highlighted that these assets have recently experienced significant price drops, suggesting that this downward trend may continue in the near future.

XRP Price Projection

Pizzino has set a target price of approximately $1.40 for XRP. Despite a 20% decline in XRP’s value, he pointed out that a recovery has not yet occurred, indicating that technical indicators suggest the possibility of further downward movement.

“XRP is making a 50% fib break before the U.S. market opens. My next price target remains around $1.40.” – Jason Pizzino

Price Targets for Cryptocurrencies

The analyst noted that a reversal in trend might occur for Solana by utilizing a three-bar rule. According to Pizzino, this rule, which signaled trends back in November and January, indicates that Solana could drop to as low as $60. The first signal is expected to appear in November 2024, while the second is projected for January 2025, highlighting that Solana has fallen below $100 for the first time in 12 months.

The established price targets for Solana include an initial expectation of $80, followed by a potential decline below $60. This scenario suggests that major cryptocurrencies might be undergoing classic value corrections.

Ethereum could also face a similar downward trend in the future. Pizzino indicated that Ethereum is currently testing the $1,500 level, and if it fails to maintain this threshold, it could drop to around $1,200. The current trading price of Ethereum hovers around $1,574.

Pizzino’s insights reflect the declining trends observed in the technical indicators of these significant cryptocurrencies. With noticeable corrections occurring in the cryptocurrency market, investors are closely monitoring such analyses.

Indicators show that XRP, Solana, and Ethereum have lost between 12% and 16% of their value in recent weeks. The analyst’s statements shed light on how current market conditions and technical analyses inform possible future scenarios.