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Reading: XRP Price Faces Major Crash Risk as Trendline Weakens
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Kriptoteka > Crypto News > XRP Price Faces Major Crash Risk as Trendline Weakens
Crypto News

XRP Price Faces Major Crash Risk as Trendline Weakens

marcel.mihalic@gmail.com
Last updated: September 25, 2024 10:54 pm
By marcel.mihalic@gmail.com 3 Min Read
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The price of XRP continues to hover around the $0.6 mark, with investors looking for a potential breakout in the near future. However, a recent perspective shift has caught attention, as a renowned cryptocurrency analyst now posits that XRP might be poised for a significant downturn rather than a breakout.

“Should a breakdown occur, it will be severe,” the analyst warns. This remark is likely to instill caution among traders, particularly those who have been optimistic about XRP’s future price movements.

Nevertheless, the analysis appears to have layers. A closer look at the XRP/USD chart presented by the analyst suggests there might be some nuance in his prediction. The chart seems to carry a hint of sarcasm, particularly directed at those maintaining a bearish stance on XRP.

Current State Of The XRP Price

Currently, many crypto analysts hold a bullish outlook on XRP, especially given the recent uptick in the cryptocurrency markets and the overall trends in crypto market fundamentals. Despite ongoing concerns regarding SEC appeals, one could argue that XRP is largely free from the constraints of the extensive lawsuit involving the regulator and Ripple, the entity that developed XRP.

Despite this newfound freedom and a prevalent bullish sentiment among investors, XRP has been struggling to maintain upward momentum. Several rallies have occurred, but resistance has often been encountered, particularly around the $0.60 and $0.70 marks. Interestingly, the latest analysis from crypto analyst Jackis (@i_am_jackis) appears to support this resistance and bearish sentiment.

Analyst Warns XRP Faces Risk of Significant Decline

In a detailed XRP price chart, Jackis highlights a pattern of lower highs and higher lows, with a crucial lower trendline acting as a significant support level for the cryptocurrency. His analysis indicates that the asset is currently testing this support level, implying an increasing potential for XRP to fall beneath this trendline, leading to a bearish trend soon.

XRP price
Source: X

Upon further scrutiny, however, it was discovered that Jackis’ chart, shown above, was inverted, uncovering a markedly different scenario than initially perceived. What seemed to indicate vulnerability and a possible breakdown is actually reflective of a bullish configuration.

This suggests that the XRP chart shared by Jackis indicates the cryptocurrency may be on the verge of a breakout from a resistance trendline rather than a support one, and it is ultimately set up for a rally. Additionally, his projections imply that following a successful breach of this resistance, XRP could see a price escalation up to $1.05, representing an 81% improvement from its current valuation.

As of this writing, the price of XRP is recorded at $0.586.

XRP price chart from Tradingview.com
XRP price above $0.58 | Source: XRPUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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