Analyst Suggests XRP May Rise as Ethereum Faces Inevitable Decline

Crypto News- In a recent analysis, EDO FARINA, a devoted supporter of Ripple (XRP) and a prominent cryptocurrency analyst, has put forth a bold prediction regarding the potential of Ethereum’s (ETH) decline as the next significant event in the crypto space. According to FARINA, such a downturn could have a ripple effect on all ERC-20 tokens, impacting them collectively. In this hypothetical scenario, FARINA posits that both Stellar (XLM) and XRP are strategically poised to step into prominent real-world utility roles.

Analyst Suggests XRP May Rise as Ethereum Faces Inevitable Decline

Moreover, FARINA has ventured into a speculative theory that suggests Ripple’s upper echelon, specifically its C-level executives, played a clandestine role in the early development of Bitcoin (BTC). According to this theory, Bitcoin may have served as a testbed before the eventual introduction of XRP to the market. Additionally, FARINA speculates that Satoshi Nakamoto, the enigmatic creator of Bitcoin, left subtle hints related to the concept of Ripple within what FARINA metaphorically referred to as a “coloring book.”

As the new week begins, XRP, like many other cryptocurrencies, has witnessed a decline in its price over the past 24 hours. CoinMarketCap data indicates that XRP is currently trading at $0.4963, reflecting a 2.46% decrease in the past day.

In contrast, XRP’s 24-hour trading volume has seen a significant surge, increasing by over 77% during the same period and reaching approximately $644,271,937. Despite the recent price dip, XRP has managed to maintain a positive weekly performance, boasting a gain of +0.95%.

It is worth noting that a symmetrical triangle pattern had taken shape on XRP’s daily chart over the past three weeks, hinting at the potential for an impending breakout. If this pattern materializes as anticipated, it could signify a pivotal moment for XRP, which has been trading within a consolidation channel spanning between $0.4783 and $0.5515 for the past fortnight.

In the event of an upward breakout, XRP could potentially turn the $0.5515 resistance level into a solid support, setting the stage for a potential challenge at the $0.6683 barrier in the days ahead. Conversely, a downward breakout might lead XRP to test the critical support level situated at $0.4120.