Economic Ninja, in a video released on YouTube a few hours ago, issued a warning about some technical patterns on XRP that suggest that the price could be heading for a dip. The 22-minute video which was created with another crypto analyst, Jay Bravo, pointed to various actions and patterns that support the price decline.
The analyst also revealed the critical levels to watch as the price plummets. The following paragraphs will go into the analysis of Ripple price predictions.
What you'll learn 👉
Technical Analysis Shows XRP Price May Drop
Jay Bravo, an experienced trader in cryptocurrencies, options, and other assets, presented a detailed technical analysis of XRP’s price chart. He identified several key patterns that suggest a possible bearish trend for the digital asset:
Triangle Pattern: Bravo highlighted a triangle formation on the XRP chart, indicating critical support and resistance levels. The trend line dating back to March 2020 was emphasized as a crucial indicator for potential buy zones.
Head and Shoulders Formation: A bearish head and shoulders pattern was observed, with Bravo stressing the importance of the neckline. A break below this level could trigger a significant price drop.
Support Levels Under Scrutiny: A key support level at 41 cents was identified. Bravo warned that if this level fails to hold, XRP’s price could potentially plummet into the teens.
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Show more +Market Behavior and Emotional Factors
The analysis emphasized the role of human emotions in driving market movements. Bravo explained that charts essentially reflect the interplay of fear and greed among traders and investors. He stressed the importance of understanding these emotional undercurrents when making trading decisions.
An important point raised in the discussion was the increasing correlation between cryptocurrencies and the stock market. This relationship, attributed to growing involvement from Wall Street and the introduction of crypto ETFs, suggests that a downturn in traditional markets could negatively impact XRP and other digital assets.
Potential Price Targets and Trading Strategies
Bravo shared his prediction that the price could go down to 41 cents. If the support at that level doesn’t hold, it could fall as low as 11 cents or even less.
The analyst will be using the 200-day moving average to follow the trend and other technical tools to back up his forecast.
Ripple’s Legal Dispute Continues
Ripple’s ongoing legal battle with the SEC is also a major factor affecting XRP’s market performance. Recent updates say both sides have been told to reconsider their requests to keep parts of their briefs private. They have until July 8, 2024, to do this. The court is expected to decide on these requests shortly after.
Despite the legal issues, Ripple’s president, Monica Long, is optimistic about the company’s position. Long talked about Ripple expanding into new areas, like a possible XRP ETF. She also said Ripple is still focused on improving payment systems and the XRP Ledger.
Long also noted that despite the SEC’s pressure on the crypto industry, Ripple has kept making partnerships and developing custody services for banks and financial institutions.
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