XRP price still Trading around the $0.6 thresholdand investors are Expect an eventual breakup.In the coming weeks, and in an interesting shift in expectations, an interesting shift in perspective has recently emerged, sparked by a well-known cryptocurrency analyst suggesting that XRP may be closer to a major crash than a breakout.
“The crash will be violent,” the analyst says, and it is understandable that this statement has fueled a sense of caution among traders, especially those who were looking forward to a more optimistic path for the XRP price.
However, the analysis doesn’t seem entirely straightforward. A closer look at the XRP/USD chart shared by the analyst reveals that there may be an element of wordplay in his predictions. The chart hints at sarcasm, especially towards those who remain bearish on XRP.
Current XRP Price Status
Most cryptocurrency analysts There is currently an uptrend towards XRP.especially in light of Last rise In cryptocurrencies and The Basics of the Wider Cryptocurrency MarketDespite ongoing concerns about the SEC’s appeal, you could say that XRP is now free from the restrictions created by the years-long lawsuit between the regulator and Ripple, the company behind XRP’s creation.
However, despite the newfound freedom and largely bullish consensus among investors, XRP has struggled to sustain a rally that lives up to expectations. While there have been occasional rallies, they have often been rejected at key resistance points around the $0.60 and $0.70 price levels. Notably, recent XRP analysis from crypto analyst Jackis (@i_am_jackis) appears to build on this resistance and bearish outlook.
Analyst Says XRP Is At Risk Of Major Crash
in Accompanying XRP price chartJacques draws attention to a series of lower highs and higher lows, with a critical lower trendline acting as a key support level for the cryptocurrency. The accompanying XRP price chart suggests that the digital asset is currently testing this support, and in his view, there is an increasing likelihood that XRP will break below this trendline and enter a bearish move in the near term.
However, upon further investigation, it turned out that the chart shared above by Jacques was inverted and revealed a completely different narrative than initially thought. What at first glance looked like a chart indicating weakness and a potential breakdown, in fact, indicated a bullish setup.
This means that the XRP chart shared by Jackie suggests that the cryptocurrency is about to break out of the resistance trend line instead of support and eventually Ready to demonstrate. Moreover, his predictions indicate that once XRP breaks this resistance, it could embark on an upward march that will push the price to $1.05, which represents an 81% increase from the current price.
At the time of writing, XRP is trading at $0.586.
Featured image created using Dall.E, chart from Tradingview.com