Ripple’s XRP Cryptocurrency Price Expected to Weaken Further After Corrective Move, But There’s a Catch
In an analysis posted on TradingView, trader Orson_Fawley shared insights into the potential future price movements of XRP, the cryptocurrency associated with the Ripple payment protocol. According to Fawley, XRP’s current downward trajectory is expected to continue, with the price potentially revisiting the low of $0.4193 once the current corrective move concludes.
The analysis suggests that XRP’s price, currently hovering around $0.53, is approaching a resistance level as part of a corrective move to test the Exponential Moving Averages (EMAs) of 34 and 89 periods. However, Fawley predicts that this corrective move is likely to be short-lived, with the broader downward trend likely to resume.
In a contrasting analysis, Temitope, the Editor-in-Chief at Captain Altcoin, who is also a Crypto Price Analyst offers a more optimistic outlook for XRP’s price movement in the short-term. Temitope’s analysis suggests that XRP is currently moving within a consolidation phase, which could potentially lead to a price rise in the short term.
According to Temitope, there is a possibility of a 30% spike in XRP’s price before any major decline occurs. This bullish sentiment is further bolstered by the general resurgence of altcoins in the cryptocurrency market, which could also contribute to upward momentum for XRP’s price.
The Catch: Bullish Potential Amid Legal Uncertainty
Despite the bearish outlook projected by Fawley’s technical analysis, there is a catch – the possibility of a decisive bullish run for XRP. As the cryptocurrency market recovers from its bearish days, the anticipation of an “altcoin season” could potentially drive XRP’s price upward, defying the expectations of a corrective move.
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Show more +However, the Ripple-SEC saga remains a significant factor that could continue to influence XRP’s price trajectory. The ongoing legal battle has previously impacted XRP’s price movements, and its resolution could have far-reaching implications for the cryptocurrency’s future.
Market analysts and traders alike will closely monitor XRP’s price movements in the coming days and weeks, as the interplay between technical indicators, market sentiment, and legal developments unfolds. While bearish signals loom on the horizon, the potential for a bullish surprise remains, adding an intriguing layer of uncertainty to XRP’s price trajectory.
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