In a startling turn of events, well-known crypto analyst Cheeky Crypto meticulously analyzed recent price dynamics and revealed their forecasts for the upcoming trends in a YouTube video. On the hourly chart, XRP’s journey showcases a descent succeeded by a relief surge, challenging the established market sentiment. Through this scrutiny, the analysis highlighted the potential emergence of a fifth wave, presenting captivating prospects for the future.
According to his analysis, within this fifth wave, two scenarios loom. The first involves a complex pattern featuring five waves, each comprised of three sub-waves. The second contemplates a simpler zigzag pattern similar to the observed price action.
While the former scenario remains plausible, a diagonal pattern peppered with zigzag formations appears more likely. Key support levels hover between 0.35174 and 0.39214, signaling potential rebound zones.
Anticipate another short-term dip before a subsequent upward rally. The initial target for this upswing is envisioned around 0.44293 and 0.45286. This series of movements may signify an ABC correction rather than a complex pattern, culminating in a diagonal finale for the fifth wave.
Shifting to the daily chart, XRP is amidst a fifth-wave movement. While micro shifts are underway, a larger bearish trend takes precedence. The projected diagonal pattern is set to guide XRP toward the 30-cent range. XRP must surge beyond 0.675 to defy this bearish outlook, a level yet to be conquered by the market. Until this breakthrough materializes, the bearish sentiment persists.
Furthermore, the convergence of moving averages (EMAs) signals the potential for death crosses, marking a transition favoring the bears. It’s crucial to remember that these indicators are lagging and reflect past price action.
On the weekly chart, a healthy correction is evident. XRP reached the target of the A-wave highs, precisely at 0.938. Though the journey was uncertain, with XRP’s status as a non-security on the secondary market being a driving force, the market was poised for a natural rejection point within that range. The breach of support at 0.5258 has cast a shadow over the market, with XRP trading below the weekly 200 EMA.
While this analysis provides a comprehensive overview of XRP’s current state, it’s vital to remember that the crypto market is inherently volatile and unpredictable. Adaptability and vigilance are paramount for investors with several potential scenarios in play.
