XRP Could See A Massive Price Crash To $1.9 If This Happens
XRP has managed to break previous the $3 mark prior to now 24 hours, and this has given readers a glimpse of bullish momentum. However, this breakout is just not but confirmed, because the XRP value is but to make a weekly shut above this value degree.
The cryptocurrency continues to be buying and selling inside a descending channel on the weekly timeframe, and on this context, an attention-grabbing technical analysisof crypto outlines a bearish situation of what might occur if XRP loses its present construction.
Analyst Warns Of Bearish Breakdown To $1.9
There have been different bullish predictions and technical analyses for XRP in latest weeks. However, crypto analyst CoinsKid has raised considerations about what would possibly occur if XRP fails to take care of its place above vital assist ranges. The analyst shared his outlook on the social media platform X, accompanied by a chart displaying the potential downside scenario.
According to CoinsKid, XRP has been going sideways since December of final yr, however is discovering stability alongside the bull market assist band (BMS). He described the present second because the final bullish case for XRP, warning {that a} breakdown by the BMS might erase that bullish outlook solely.
In his phrases, “Lose the BMS and the bullish assist at $1.90 and XRP may very well be in free fall.” Despite this, he famous that he nonetheless stays cautiously bullish for now, however the warning stems from the seen menace of shedding these essential ranges.
The weekly candlestick chart that accompanied his publish illustrates the state of affairs clearly. XRP is sitting inside a descending channel, and the final three weekly candlesticks have been pink after XRP was rejected on the higher trendline of this channel in September.
The bearish situation relies on XRP extending this rejection after which falling to as little as the decrease trendline of this descending channel, which is presently round $2.2. A break beneath this line would point out that selling pressure has overtaken the assist construction, probably organising a deeper retracement.
The subsequent main assist degree is highlighted at $1.90, which coincides with a bullish assist zone courting again to an order block shaped in June.
XRP Price Levels To Watch
The $2.20 and $1.90 value ranges characterize crucial zones on the weekly chart. Holding above $2.20 might nonetheless enable XRP to take care of its bullish construction in the long run. Closer short-term assist ranges are at $2.8 and $2.72, and holding up above these levels will arrange XRP for one more try at breaking above the descending channel.
XRP has managed to hold above $2.8 prior to now few days. Particularly, newfound shopping for strain has allowed XRP to push previous $2.9 and $3.0 prior to now 48 hours, reaching an intraday high of $3.10.
Interestingly, CoinsKid’s chart additionally leaves room for optimism. A bullish projection exhibits a situation the place XRP breaks by the channel’s higher trendline and rallies above $4. At the time of writing, XRP is buying and selling at $3.05.