Bitrabo Editorial
The price of XRP is currently hovering around $0.6, with investors predicting an upcoming breakout. Interestingly, a well-known cryptocurrency analyst has introduced a new perspective, suggesting that XRP might be on the verge of a significant downturn rather than the anticipated upswing.
The analyst warns that “the breakdown will be violent,” which could understandably cause caution among traders who were optimistic about XRP’s future.
However, upon analyzing the XRP/USD chart provided by the analyst, one might notice a hint of sarcasm, particularly aimed at those who remain bearish on XRP.
Current XRP Price Situation
Many cryptocurrency analysts are currently optimistic about XRP, especially due to the recent uptick in cryptocurrency values and improvements in overall market conditions. Although there are still concerns regarding potential actions by the SEC, XRP seems to be liberated from the lengthy lawsuit with Ripple, which created significant uncertainty.
Despite this newfound freedom and general optimism, XRP has struggled to maintain momentum. Many rallies have faltered at critical resistance levels around $0.60 and $0.70. Recent analyses, particularly from crypto analyst Jackis (@i_am_jackis), indicate a focus on the resistance and a bearish outlook.
Risk of a Major Decline for XRP
In a recent XRP price chart, Jackis highlights a pattern of lower highs and higher lows, with a crucial downward trendline acting as support. His analysis suggests that XRP is testing this support and facing an increasing risk of a bearish breakout soon.
However, a deeper look into Jackis’ chart reveals that it was inverted, telling a different story than initially perceived. What seemed to indicate impending weakness and decline could actually be a bullish setup.
This implies that Jackis’ chart indicates XRP could break through a resistance trendline instead of a support line, thereby setting the stage for a possible rally. Furthermore, if XRP successfully breaks this resistance, it might rise to $1.05, reflecting an 81% increase from its current standing.
As of now, XRP is trading at $0.586.