- An analyst shared on Twitter yesterday that he is extremely bullish on XRP in a tweet yesterday.
- Meanwhile, XRP was trading at $0.6001 following a 24-hour drop of 4.38%.
- A chart pattern on XRP’s daily chart suggested that XRP may drop to $0.4715 in the coming weeks.
An analyst shared that he is extremely bullish on Ripple (XRP) in a tweet yesterday. According to the post by the Twitter user Irish red crypto.cspr, the remittance token’s dominance in the market may look to rise to 13%. At the current market capitalization of the cryptocurrency market, this means that XRP’s price could climb to $3.30 if the prediction becomes a reality.
The analyst went on to predict that this surge in the cryptocurrency’s price will be just the beginning. He concluded the post by stating that everyone is focusing on the short term prospects and is ignoring the big picture, which is very bullish according to the analyst.
Meanwhile, at press time, CoinMarketCap indicated that XRP suffered a 24-hour loss of 4.38%. Consequently, the altcoin was trading hands at $0.6001. This negative daily performance also pushed XRP’s weekly performance further into the red zone to -6.50%.
XRP’s price had attempted to break out above the symmetrical triangle chart pattern that had formed on its daily chart. However, this positive breakout turned out to be a fake move, as the altcoin’s price fell back into the chart pattern shortly thereafter. Sellers then stepped in to force XRP below the chart pattern over the past 24 hours, where it continued to trade at press time.
If XRP’s price closes today’s trading session below the chart pattern, then XRP may be at risk of falling to as low as $0.4715 in the coming few weeks. A confirmation of this bearish thesis will be when XRP closes a daily candle below $0.5890. A break below this level may see XRP test the support level at $0.5830. Continued sell pressure will then push XRP down to $0.4715.
On the other hand, if XRP’s price is able to remain above the $0.5890 support for the next few weeks, or closes a daily candle above the triangle chart pattern within the next 48 hours, then the bearish thesis will be invalidated. In this scenario, XRP’s price could attempt to challenge the $0.6596 resistance. Continued buy pressure may then elevate XRP to $0.7432 as well.
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