Ripple’s XRP cryptocurrency is up a modest 1% today, trading around $0.52. However, it has significantly underperformed most major altcoins amid the broader crypto market rally. Coins like Cardano (ADA) and Solana (SOL) are up over 5% on the day.
Renowned TradingView trader AlanSantana shared a rather bearish outlook on XRP based on his chart analysis. As he notes, “The chart is bearish so we’ve been bearish for a while… The chart will always show you what is coming next.”
AlanSantana points out that in the past, the XRP chart showed clear bullish signals weeks before the court ruled in Ripple’s favor against the SEC last year. However, now the chart paints a different picture. “In reverse, if the chart is pointing down then Ripple might have a setback soon, that is what I see coming from the chart right now.”
His technical analysis suggests we could see a “longer, harder and stronger retrace or ‘correction'” in the XRP/USD trading pair. He believes this could be precipitated by developments in Ripple’s ongoing legal battle with the SEC. “Another drop but nothing that we have not been expecting… This shouldn’t be a surprise.”
AlanSantana advises traders to follow what the charts are indicating rather than hoping for a different outcome. As he says, “When bullish bullish, when bearish bearish… There is no room for hoping in this game.” He also points out that XRP tends toward extremes, leaving it vulnerable to strong swings up or down.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +In summary, this seasoned chart analyst sees a bearish technical picture for XRP, suggesting its legal issues could catalyze a meaningful drop rather than continued growth. For traders, his advice is to follow the direction of the chart rather than unrealistic hopes of how they want the market to move. Based on his analysis, XRP may have further downside before turning bullish again.
You may also be interested in:
- Crypto Influencer Shares Insights on SAY, TIA and Profit-Taking Lessons Learned from SOL
- SUI Pulls Back After Bullish Rally, Analyst Shares Next Support To Watch
- One not to miss – Pushd (PUSHD) presale still available – Ripple (XRP) & Polygon (MATIC) holders keep pumping in!
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.
