Cheeky Crypto Analyst Predicts Potential XRP Price Decline and Signals Bearish Trend with Technical Analysis
Crypto News – An analyst from the cryptocurrency trading and analysis channel, Cheeky Crypto, has forecasted a possible continued downward trend in the price of Ripple (XRP) in the upcoming weeks. In a recent video, the analyst outlined a downside target for XRP price ranging between $0.47828 and $0.48303.
A notable technical observation was the potential crossover of the 50-day Simple Moving Average (SMA) below the 200-day Exponential Moving Average (EMA), a significant bearish indicator known as a death cross. The analyst cautioned that such a crossover could trigger negative reactions from investors and traders, potentially further pulling down XRP’s price in the medium term.
If this bearish analysis proves accurate, the Cheeky Crypto analyst expects XRP’s price to decline to a range between $0.3517 and $0.3927. Following this, the analyst envisions a bounce in the altcoin’s price before a final descent to a range between $0.30 and $0.3039.
However, the analyst also presented a more optimistic perspective, suggesting that XRP could surge to as high as $0.66 to $0.70 after this anticipated downward movement. The analyst did acknowledge that it might take a few months for XRP’s price to reach this level.
Additionally, the analyst emphasized that a rise in XRP’s price above $0.675 would invalidate the bearish thesis. Nonetheless, traders and investors are advised to take note of the remarkably low trading volumes for XRP in recent days. The analyst argued that this lack of buying support lends weight to the bearish thesis, suggesting there might not be sufficient demand to prevent a drop in XRP’s price.
At the time of writing, CoinMarketCap reported XRP’s price at $0.4933, reflecting a 24-hour loss of 0.52%. Despite this daily dip, XRP’s price had still seen an overall increase of 1.89% over the past 7 days.
1 Comment