In the midst of the recent market downturn caused by the legal actions targeting leading cryptocurrency exchanges Binance and Coinbase, there is a glimmer of hope for XRP. A well-known technical analyst believes that XRP is exhibiting signs of a bullish pattern amidst the prevailing bearish sentiment. The upcoming release of certain emails could have a significant impact on XRP and the broader crypto space, potentially affecting the SEC’s cases against various crypto firms.
Cheeky Crypto in a new YouTube video suggests that XRP may need to decline further before the next upward move. Support levels around $49.95 to $50.42 are identified, with the expectation of a rally toward the previous high of around $54.94.
Nevertheless, the analyst believes that XRP is in an interesting state and predicts a breakout from the current bearish phase into a more bullish one. However, he anticipates a downward move before the breakout due to a continuation pattern. The analyst emphasizes the importance of the upcoming public release of certain emails, which could impact XRP’s price action.
Also Read: Kevin O’Leary Calls Cryptocurrencies ‘Radioactive Waste’ Due to Ongoing Uncertainties
Based on the technical analysis presented by the analyst, XRP’s future trajectory appears to be influenced by both Elliott Wave Theory and Smart Money Concepts. While the irregular flat correction pattern is currently favored, it is essential to monitor XRP’s price action and market developments for confirmation.
Another analyst, EGRAG also warned the investors and told them to remain alert. He wrote on Twitter,
“I believe it’s important to remain alert and aware of the possibility of a downturn in the market. We should always be on the lookout for unexpected events or fake-outs that could affect our investments. In my opinion, the Ultimate Shake Out could potentially retest the lows we saw in June, with a possibility of some minor fluctuations below that level. Therefore, it’s crucial to remain vigilant and keep a close eye on the market movements.”
