2024-5-14 23:40 |
Despite a prolonged period of weakness, XRP has continued to experience a turbulent ride in the crypto market, with its price struggling hard to maintain its footing above $0.50 amid the SEC legal battle.
Notably. since tapping a multi-month high of $0.74 in March, XRP has faced a downward trend, plummeting roughly 32%. However, various analysts suggest a potential turnaround, albeit amidst conflicting signals.
On Sunday, popular analyst Dark Defender took to X to share his insights on XRP’s trajectory. He noted that the cryptocurrency’s sideways movement and subdued trading volumes suggest an impending shift in momentum.
He highlighted the crucial support range between $0.49 and $0.46, currently holding XRP’s price afloat, and pointed towards a significant surge on the horizon. Dark Defender’s analysis sets ambitious 3 wave targets at $1.88, $5.85, and $18.22, signaling a potential upswing of over 3,500%. Despite skepticism, Dark Defender remained steadfast in his bullish outlook, drawing parallels to past instances where XRP defied expectations.
Meanwhile, analyst Annatrades observed a downward trend in XRP’s movement along a trendline, highlighting a major support level. Annatrades speculated a bullish breakout of up to 50% if this level is breached successfully.
Adding to the discourse, analyst Stephanie Starr noted XRP’s recurrent contact with multi-year support and predicted an imminent breakthrough.
“XRP once again touching down on multiyear support. We are now entering the squeeze zone. There is not much room between resistance and support. The amount of pressure keeping it down and the pressure keeping it perfectly on support, will continue to squeeze it, till it pops. Just a matter of when My chart is showing June 7th as the date resistance meets support. The second half of the year should be exciting!” she wrote.
However, not everyone anticipates XRP’s swift recovery. In a tweet that sparked debate among XRP supporters, veteran analyst Peter Brandt offered a dissenting perspective, suggesting a further potential downturn for the cryptocurrency on the BTC pair.
“From a pure classical charting point of view this chart (XRPBTC) looks like it is headed toward Zero,” wrote Brandt.
The pundit further showcased how the chart shows that XRPBTC has lost 70% of its value since November 2017, suggesting it will likely keep plunging if it breaches the 0.00000814 support.
That said, while the XRPUSD chart appears neutral in the daily timeframe, hovering between $0.46 and $0.56, crucial levels await breakthroughs. A bullish breakout above $0.56 could propel XRP to $0.75, while a break below the $0.46 support zone could see it revisit the $0.41 level.
XRP traded at $0.5073 at press time, reflecting a 0.42% gain over the past 24 hours.
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