• 18 June, 2024
Market News

XRP Faces Critical Crossroads as Analysts Predict Potential 46% Crash

In a pivotal move, renowned crypto analyst JD has once again sent shockwaves through the crypto community, sharing insightful predictions about XRP’s future. In a recent X post,  the analyst predicted that XRP is repeatedly hitting the ominous “orange box,” leading to a 46% crash that he accurately foresaw months in advance.

Emphasizing the importance of not attempting to hit the market bottom, JD advocated for a Dollar-Cost Averaging (DCA) strategy using a calculated approach. The analyst’s cautionary message has sparked discussions within the crypto sphere as investors brace themselves for potential market turbulence.

Source: Chart by JD

Meanwhile, in an X post, esteemed crypto analyst Egrag Crypto conducted an in-depth examination of XRP’s current market dynamics. The analysis unveiled a complex chart showcasing two parallel ascending channels, one in blue and the other in red, which has significantly influenced XRP’s price movements since its inception.

The blue channel, above the red one, features crucial resistance points that may impact XRP’s trajectory during a breakout. Conversely, the red channel, positioned beneath the blue, provides essential support levels to mitigate significant drops during market downturns.

Source: Chart by Egrag Crypto

According to analysts, XRP has historically spent limited time within these channels, with its longest stint occurring in the red channel over 581 days from 2015 to 2017. Following this period, XRP witnessed a substantial rally, reaching an all-time high of $3.31.

The current scenario sees XRP residing in the blue channel for 602 days, prompting analysts to draw parallels between the dynamics of the red and blue channels. The analysis suggests a potential drop to $0.28, followed by a rebound to $0.41, setting the stage for a potential rally.

Egrag emphasized the significance of resistance points within the blue channel, ranging from $0.60 to $1.3. These levels, including $0.75, $0.93, and $1.3, pose formidable challenges for XRP’s upward movement. Traders are advised to closely monitor these resistance points, as weekly closes above them could indicate strong support and potential sustained upward momentum.

XRP is trading at $0.5457, reflecting a 0.78% decrease over the last 24 hours and a 5.11% decline over the previous 7 days. The crypto market watches anxiously as analysts like Egrag and JD provide insights into XRP’s future, with the possibility of a 46% crash looming and critical resistance levels determining the digital asset’s next move.

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