A popular crypto analyst on X, known as @ChartMonkeyBTC, has issued a dire warning about the future price trajectory of Ripple’s XRP token. According to the analyst’s technical analysis, XRP’s chart is “not looking good,” and the cryptocurrency could potentially dip by a staggering 60% from its current levels if a critical support level fails to hold.
In a tweet, the analyst, who goes by the name “ChartMonkey,” shared a global view of the XRP/USDT trading pair on the weekly chart. The chart reveals that XRP’s price is currently trading at the base of an ascending channel, a pattern that is typically formed by parallel trendlines that connect higher lows and higher highs.
The base of this ascending channel has acted as a support level for XRP’s price for an extended period. However, ChartMonkey warns that the chart is not looking good and if this critical support level fails to hold this time, the price of XRP could plummet to as low as $0.20.
At the time of the analysis, XRP was trading around $0.49, which means a drop to $0.20 would represent a decline of approximately 60% from its current value.
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Show more +While some investors may hold “fairy tale beliefs” that XRP could reach dizzyingHeights of $10 or more, ChartMonkey urges the XRP community to “face the chart after a reality check,” implying that the technicals paint a bearish picture for the cryptocurrency in the near term.
It’s worth noting that technical analysis is not an exact science, and past performance is not necessarily indicative of future results. However, the potential downside risk highlighted by ChartMonkey’s analysis should serve as a cautionary tale for XRP investors, particularly those holding leveraged positions or those with unrealistic price expectations.
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