Crypto Analyst Dashes XRP Price Hopes, Foresees Significant Drop to This Support Level
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Crypto analyst Crypto Paradise has dampened expectations for an upward movement in the XRP price in the near future. This assertion follows his warning that the altcoin might face a significant drop towards an important support level.
Forecast for XRP Price Drop to $1.6
In a TradingView post, Crypto Paradise anticipated that the XRP price could decline to the support mark of $1.6. He suggested that a substantial bearish trap may be developing for XRP, indicating that the altcoin might undergo a correction to eliminate the bears before a bullish rebound occurs.
Related Insights
Nonetheless, the analyst cautioned that the XRP price is signaling serious concerns in the short term. He pointed out the emergence of a rising wedge formation, heightening the likelihood of a bearish shift. Crypto Paradise emphasized that, when considering the overall market landscape, the recent upward movement appears to be just a retracement within a larger bearish trend. Hence, the chance of an imminent decline remains significantly high.
He claimed that should the XRP price rebound, gather liquidity, and begin establishing distinct bearish patterns from the resistance range between $2.4 and $2.5, it could create a favorable opportunity with a high risk-to-reward ratio for short positions. However, this bearish outlook will be invalidated if the price breaches and closes a candle clearly above the resistance area.
In such a scenario, Crypto Paradise suggested it would be wiser to remain patient and wait for a more dependable XRP price action setup before contemplating new trades. He encouraged market participants to practice discipline, patience, and astuteness, advising them to adhere to their strategy and avoid hasty decisions influenced by emotions.
A Positive Outlook for the Altcoin
In a post on X, crypto analyst Ali Martinez shared an optimistic forecast for the XRP price. He noted that the altcoin seems to be breaking out of an inverse head and shoulders pattern, targeting a potential rise between $2.70 and $2.90. A rally reaching this $2.90 target could open the door for a further surge toward a new all-time high for the altcoin.
Related Insights
Crypto analyst Joe also expressed a bullish sentiment regarding the XRP price. He mentioned that the inverse Head and Shoulders breakout has been confirmed, while there is clear evidence of a bullish wedge breakout on the charts. Key resistance has shifted to support, and a higher low has developed. He noted that the momentum is building for a significant upward move.
As of this writing, the XRP price is hovering around $2.28, showing a decline in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
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