Analyst Steph is Crypto has provided insight into the current technical signals for XRP in a YouTube. The analyst focuses on the bearish crossover of the EMA ribbons, which is generally seen as a negative indicator, on the daily chart of XRP.
Furthermore, given on historical data, the analyst surmises that this might point to XRP’s potential bottom and that a price rebound is approaching.
What you'll learn 👉
EMA Ribbons and Bearish Crossover
The bearish flip of the EMA ribbons is usually seen as a sign of downside pressure. However, according to Steph is Crypto, similar crossovers in the past, such as the one in August 2023, marked the bottom of the price trend, followed by a 37% recovery.
The price may soon find support and start to rise again, according to a similar pattern that the present crossing may be pointing to. Additionally, the analyst said that XRP is presently following a symmetrical triangular pattern.
The price could climb if it breaks over $0.61, but it might drop much further to $0.43–$0.44 if it falls below $0.50.
Fibonacci Retracement and Key Support Levels
The Fibonacci retracement analysis suggests that the $0.43-$0.45 zone is critical for XRP, aligning with the golden ratio. The video warns that a breakdown below this level could trigger more bearish activity, though the analyst believes a bounce at this range remains a possibility.
A large volume of short positions around the $0.665 level could result in a short squeeze, driving XRP’s price higher. According to Steph, this level of liquidity might attract buyers and push the price towards a breakout.
With a score of 29, the Fear and Greed Index reveals a generalized fear in the market. The analyst thinks there might be a chance for long-term investors to amass Bitcoin and XRP.
Doge2014 raises 300K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read also: Bitcoin Price Faces Potential Decline as Key BTC Metrics Signal Warning
Long-Term Outlook and FOMC Meeting Impact
On a broader scale, XRP is still forming a symmetrical triangle on the monthly chart, with a long-term target of $40. While this projection is based on historical data and Fibonacci projections, the analyst advises caution.
The upcoming FOMC meeting, where interest rate cuts are anticipated, could further influence XRP’s price and potentially fuel the next phase of a bull run in the crypto market.
Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?
Get all our future calls by joining our FREE Telegram group.
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.
