Bitcoin Drop May Trigger XRP Price Retest of $0.45, Crypto Analyst Warns

2024-10-11 09:30

According to crypto analyst Chris McCrypto, XRP may retest the $0.45 level if Bitcoin’s price drops to about $57k. McCrypto claims that the technical indications on XRP’s chart are pointing to a short-term bearish outlook. 

Since 2021, XRP has been trading in a symmetrical triangle pattern; its price swings between convergent trendlines. While the bottom support level rests about $0.45, the top resistance line floats close to $0.70. 

In addition, this pattern usually denotes a consolidation phase preceding a breakout. Furthermore, XRP may make a move to the upside or fall when it gets closer to the peak.

$XRP Stoch RSI is cooling off on the weekly as expected. Bearish cross on the RSI and MACD looks like it will turn bearish soon (short term).

Little further to go and if BTC falls to around $57k this could definitely push $XRP price to the bottom of the triangle again around… https://t.co/YFnXhVk2FL pic.twitter.com/2a4emZMdLB

— Chris McCrypto (@ChrisMcCrypto) October 10, 2024

Chris McCrypto’s chart analysis suggests that XRP may experience short-term weakness due to ongoing bearish signals from key technical indicators. The Stochastic RSI on the weekly timeframe is cooling off, pointing to reduced momentum. 

Additionally, a bearish crossover is forming on the RSI, indicating that further downside pressure may occur before any bullish move can begin.

Potential Impact of Bitcoin’s Decline

In his tweet, McCrypto highlighted the potential influence of Bitcoin’s price movement on XRP. He noted that if Bitcoin falls to around $57k, it could drive XRP down to the $0.45 level, which aligns with the bottom support of the symmetrical triangle. 

Such a dip, while concerning for short-term traders, may also present a buying opportunity for those anticipating a bullish reversal in the long term.

The MACD indicator is also approaching a bearish crossover, reinforcing the likelihood of a price correction soon. However, McCrypto’s analysis suggests that this could be the final dip before XRP has substantial upward momentum, potentially breaking out of the triangle pattern.

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Traders Watch Key Support and Resistance Levels

Monitoring the key support and resistance levels will be very important as XRP’s price moves within the symmetric triangle. While a breakout over $0.70 may indicate the start of a new bullish trend, a movement below the $0.45 support could cause more dips. 

For now, waiting for Bitcoin’s next action to validate XRP’s price trend will be worthy.

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The post Bitcoin Drop May Trigger XRP Price Retest of $0.45, Crypto Analyst Warns appeared first on CaptainAltcoin.

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Объем 24H $6.936b
Изменеия 24h: 0.50 %, 7d: 58.01 %
Cегодня L: $1.0851 - H: $1.132
Капитализация $63.921b Rank 6
Цена в час новости $ 0.5385 (108.51%)

xrp crypto analyst mccrypto bitcoin price may

Источник: captainaltcoin.com

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