XRP maintained its overall uptrend despite plummeting from nearly $0.75 due to a fake ETF filing. According to crypto analyst JD, his bullish long-term outlook remains intact, with key resistance levels representing the final obstacles before an eventual surge to $3.80.
JD’s recent analysis came as XRP was corrected following reports of a fraudulent BlackRock iShares XRP exchange-traded fund (ETF) filing. The rumors briefly sent XRP surging close to $0.75 before credible sources debunked the filing as fake.
Looking past the noise, JD noted XRP continued trading in the $0.63 to $0.69 range seen prior to the erroneous news. After dropping to support, XRP held its ground and posted higher highs and higher lows, confirming the uptrend’s persistence.
Per the analyst’s chart, XRP has been carving out a large symmetrical triangle since crashing from $1.96 in April 2021. It broke out emphatically in July amid positive Ripple-SEC developments, hitting $0.93 before pulling back. August’s retreat retested triangle resistance before XRP rallied again in September and October.
Despite potential short-term weakness, JD remains adamant that the weekly uptrend will continue. If XRP declines further near-term, he highlighted $0.41 to $0.48 as an ideal dollar cost-averaging zone. Still, he ultimately sees XRP exploding to $3.80 once it finally overcomes the $0.80 level and other key resistances.
- How This Smart Ethereum Whale Earned Over $14 Million in ETH Without Always Buying Low and Selling High
- Cardano’s ADA Chart “Couldn’t Look Any Better” As Indicators Flash Bullish – Analyst Updates XRP Outlook
- Have Shiba Inu and Dogecoin Met Their Match in This Memecoin?
In summary, JD believes XRP remains on solid technical footing for an eventual bull run despite recent fake news-induced volatility. Traders can deploy appropriate strategies to capitalize on both short-term fluctuations and the broader multi-month rally if key levels are conquered.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades 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.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com