XRP to $15 Price? — Pundit Wonders Why Anyone Is Bullish on XRP After a “Major Breakdown” ⋆ ZyCrypto
The post XRP to $15 Price? — Pundit Wonders Why Anyone Is Bullish on XRP After a “Major Breakdown” ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Despite growing optimism in the crypto community about XRP’s future, the cryptocurrency tied to Ripple has come under increased scrutiny from market analysts, particularly following its ongoing price consolidation and price drop over the past two days. On Monday, Northstar, a popular crypto analyst, took to X (formerly Twitter) to express his puzzlement at the ongoing optimism for XRP. “Ripple is down over 80%. It has had another major breakdown. It’s currently back-testing that breakdown. Why the heck is anyone bullish on XRP before it crosses the breakout line?” He tweeted. The expert’s analysis, accompanied by a detailed technical chart, reveals a multi-year triangle pattern formation that has recently experienced a significant breakdown. The cryptocurrency has now entered a phase of backtesting previous support levels, specifically around the $0.54 range. Northstar emphasized that XRP remains trapped beneath a descending trendline that has acted as significant resistance since 2018. Until XRP surpasses this line convincingly, any bullish outlook may be premature. Advertisement   Analyst Alan Santana added weight to the bearish thesis by pointing to XRP’s divergence from Bitcoin’s performance. “What we are seeing happening with Bitcoin is not reciprocating across the market. It is surely not present on the XRP chart,” Santana noted. He further noted that XRP’s technical indicators, such as the EMA144 and MA200 on the daily timeframe, point to continued bearish pressure, with lower prices expected ahead. That said, Northstar’s sharp critique underscores his concerns about XRP’s technical struggles, cautioning that any bullish outlook might be premature given the current market situation. However, not all analysts share this pessimistic outlook. In a separate analysis, Egrag Crypto presented a contrasting view, outlining an ambitious price target scenario. The pundit’s analysis, dubbed the “XRP Macro Drop Zone,” suggests that XRP is on the verge of a…
Filed under: News - @ October 27, 2024 10:20 pm