In the ever-evolving world of cryptocurrency, investors are continually seeking insights to guide their decisions. Recently, crypto analyst TradinSides has suggested that it might be prudent for investors to consider closing their XRP long positions. This advice comes amidst the revelation of a bearish pattern that could indicate a significant price downturn for XRP.
XRP Price Could Crash As Head And Shoulders Pattern Forms
TradinSides, in a detailed post on TradingView, has predicted a potential crash for XRP. The analysis suggests that the cryptocurrency may form a Head and Shoulders pattern, potentially pushing its price down to $2.2 or even lower. The analyst emphasizes that this price correction is likely if certain bullish fundamentals do not materialize as anticipated. Key factors include the RLUSD stablecoin and the upcoming XRP ETFs, which are expected to influence the altcoin’s market dynamics.
Related Market Influences
While these fundamentals offer a hopeful outlook for XRP, TradinSides points out that the cryptocurrency is currently under significant selling pressure. This is largely attributed to the SEC’s decision to appeal the Ripple case ruling, which has been a dampening factor on market demand and sentiment. The analyst highlights the potential impact of SEC Commissioner Caroline Crenshaw’s reappointment on the Ripple case and XRP’s future.
Crenshaw’s reappointment is scheduled for December 18, and her renomination could play a pivotal role. Should her renomination fail, a new Commissioner could be nominated by Donald Trump. This development is critical as the SEC is set to file its opening brief in the appeal case by January 15. If reappointed, Crenshaw could potentially support the Commission’s pursuit of the appeal, given her history of an anti-crypto stance. This could exert further selling pressure on XRP.
The State of Things: Current XRP Price Action
In a recent post on X, crypto analyst Dark Defender has provided an update on the current XRP price trajectory. According to Dark Defender, the 4-hour time frame indicates a breakthrough for XRP, with confirmation expected above the $2.52 mark in the daily time frame. Once this level is surpassed, the analyst foresees a rally toward $2.72.
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Dark Defender also outlines key targets to monitor. Short-term targets include $5.85 and $8.76, while support levels to watch are $2.29, $2.24, $2.10, and $2.02. Notably, Dark Defender has previously forecasted that XRP’s price could potentially reach $18 in the current market cycle.
As of the latest data from CoinMarketCap, XRP is trading around $2.41, showing a positive movement over the last 24 hours. This indicates an upward trend from the recent bearish dip, suggesting a complex dynamic where investors must remain vigilant and informed to navigate the fluctuations in the crypto market effectively.
The landscape of XRP investment is intricate, influenced by both technical patterns and broader regulatory actions. Investors are advised to stay informed and consider multiple perspectives to make strategic decisions in this volatile market environment.
For more detailed insights and analysis, stay tuned to the latest updates and expert opinions in the cryptocurrency space.
