Prominent crypto trader Captain Faibik has reiterated his bullish outlook on XRP, stating that the altcoin “will Bounce Back Very soon & hit the New All time High in Q2.” However, the price action shows XRP facing a critical juncture after breaking below its 200-day moving average.
According to analysis by altFINS, XRP is developing a channel-down pattern on the daily timeframe. This points to a developing downtrend as XRP recently broke below its 200-day simple moving average, a widely followed indicator of the overall long-term trend.
altFINS notes:
“Price is trading in a a Channel Down pattern and broke below 200-day moving average, which is negative. We wait for price to breakout out of the Channel Down pattern to signal resumption of Uptrend.”
If XRP can close back above its 200-day MA, currently around $0.60, it would suggest bullish momentum is returning. In that scenario, upside targets are the $0.68 level (the September 2022 peak), followed by $0.92, which marks the high from July’s parabolic surge.
Notcoin airdrop on Telegram made millions to people. Don’t miss out on the next TG airdrop by the same team – Dogs on Ton!
Show more +However, failure to recover above its 200-day MA keeps XRP vulnerable. The channel down suggests potential for a drop towards channel support around $0.45. And losing $0.50 support (the prior swing low) would risk accelerating bearish momentum.
So in summary, Captain Faibik may prove prescient with his forecast of new all-time highs this quarter. But in the near term, XRP is facing a precarious technical position after violating its 200-day MA. Bulls need to reclaim this key long-term moving average to signal that medium-term upside can continue. Otherwise, XRP may see deeper declines before any sustainable bounce materializes.
You may also be interested in:
- XRP Ripe for a Bounce Back After This Indicator Issues a “Buy” Signal for Ripple
- Bitcoin Correction Is Not Over Yet, Analyst Says BTC Could Hit $120,000 If This Happens
- Manta Network (MANTA), ONDO (ONDO) & Option2Trade (O2T) Gear Up for 2024 Bullrun
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
