XRP Could See A Massive Price Crash To $1.9 If | Crypto News
XRP has managed to break past the $3 mark in the past 24 hours, and this has given readers a glimpse of bullish momentum. However, this breakout just isn’t yet confirmed, as the XRP price is yet to make a weekly close above this price stage.
The cryptocurrency is still trading within a descending channel on the weekly timeframe, and in this context, an attention-grabbing technical analysisof crypto outlines a bearish situation of what might occur if XRP loses its current construction.
Analyst Warns Of Bearish Breakdown To $1.9
There have been different bullish predictions and technical analyses for XRP in current weeks. However, crypto analyst CoinsKid has raised considerations about what would possibly occur if XRP fails to preserve its place above important help ranges. The analyst shared his outlook on the social media platform X, accompanied by a chart displaying the potential draw back situation.
According to CoinsKid, XRP has been going sideways since December of last yr, but is discovering stability along the bull market help band (BMS). He described the current second as the last bullish case for XRP, warning that a breakdown through the BMS might erase that bullish outlook completely.
In his phrases, “Lose the BMS and the bullish support at $1.90 and XRP could be in free fall.” Despite this, he famous that he still stays cautiously bullish for now, but the warning stems from the seen risk of shedding these essential ranges.
The weekly candlestick chart that accompanied his post illustrates the state of affairs clearly. XRP is sitting inside a descending channel, and the last three weekly candlesticks have been pink after XRP was rejected at the higher trendline of this channel in September.
The bearish situation is based on XRP extending this rejection and then falling to as low as the decrease trendline of this descending channel, which is at present around $2.2. A break below this line would point out that promoting strain has overtaken the help construction, probably setting up a deeper retracement.
The next major help stage is highlighted at $1.90, which coincides with a bullish help zone relationship back to an order block shaped in June.
XRP Price Levels To Watch
The $2.20 and $1.90 price ranges signify the most important zones on the weekly chart. Holding above $2.20 might still enable XRP to preserve its bullish construction in the long run. Closer short-term help ranges are at $2.8 and $2.72, and holding up above these ranges will set up XRP for another attempt at breaking above the descending channel.
XRP has managed to maintain above $2.8 in the past few days. Particularly, newfound shopping for strain has allowed XRP to push past $2.9 and $3.0 in the past 48 hours, reaching an intraday high of $3.10.
Interestingly, CoinsKid’s chart also leaves room for optimism. A bullish projection reveals a situation where XRP breaks through the channel’s higher trendline and rallies above $4. At the time of writing, XRP is trading at $3.05.
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