Fun

Time To Sell XRP? Price Completes Head And Shoulder Pattern, Suggesting Crash To $2.2 Is Imminent

News Feed - 2024-12-17 02:12:38

Este artículo también está disponible en español.


Crypto analyst TradinSides has suggested that it might be time for investors to start closing their XRP long positions. This came as the analyst revealed a bearish pattern, which showed that the XRP price could witness a significant crash.  XRP Price Could Crash As Head And Shoulder Pattern Forms


In a TradingView post, TradinSides predicted that XRP could crash as the price could form the Head and Shoulders pattern, driving the crypto to $2.2 or below. The analyst stated that this price correction could happen if some bullish fundamentals don’t happen for the altcoin as expected. The fundamentals that TradinSides cited include the RLUSD stablecoinand the upcoming XRP ETFs.  Related Reading Extremely Bullish 88-Day Structure Appears On Bitcoin Price Chart After Hitting $105,000 ATH 15 hours ago Source: TradingView


While these fundamentals present a bullish outlook for the XRP price, the crypto analyst stated that XRP still stands under heavy selling pressure due to the SEC’s decision to appeal the Ripple case ruling, which is impacting demand and market sentiment. TradinSides alluded to SEC Commissioner Caroline Crenshaw’s reappointment and how it could ultimately impact the Ripple caseand the XRP price. 


The analyst noted that Crenshaw’s reappointment is set for December 18. However, if Crenshaw’s renomination fails, Donald Trumpcould nominate a new Commissioner. Crenshaw’s renomination is significant as the SEC must file its opening brief in the appeal case on January 15. 


If she is reappointed, she could vote in favor of the Commission filing its opening brief since she has been known to take an anti-crypto stance on several occasions. The crypto analyst believes the altcoin could face selling pressure if the SEC pursues the appeal. 


On the other hand, if the SEC withdraws its appeal, TradinSides predicts that the Commission could also withdraw its appeal. This would lead the agency to approve the pending XRP ETF applications, which could drive demand up. If this doesn’t happen, the crypto analyst predicts that the Head and Shoulders pattern could drive the XRP price to $2.2. The State Of Things


In an X post, crypto analyst Dark Defenderprovided an update on the current XRP price action. He stated that the 4-hour time frame confirms the break for XRP. The analyst added that the daily time frame will be confirmed above $2.52. Once XRP breaks above that level, Dark Defender predicts that the altcoin will then rally to $2.72.  Related Reading Dogecoin Fails To Follow Bitcoin’s Recent Uptick: Is A New ATH Still Feasible This Cycle? 1 day ago Source: TradingView


The crypto analyst also highlighted crucial targets to watch out for. He stated that $5.85 and $8.76 are short-term targets. Meanwhile, he mentioned that $2.29, $2.24, $2.10, and $2.02 are support levels to watch out for. Dark Defender has before now predicted that the XRP price would eventually reach $18in this market cycle. 


At the time of writing, the XRP price is trading at around $2.41, up in the last 24 hours, according to datafrom CoinMarketCap.  Price moves up from bearish dip | Source: XRPSUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com

News Feed

US Company Accepts Bitcoin Payments for Luxury Planes, as $40M Gulfstream Jet Goes on Sale
US Company Accepts Bitcoin Payments for Luxury Planes, as $40M Gulfstream Jet Goes on SaleAviatrade Inc., a New Jersey-based aircraft sales company, is now accepting bitcoin as a me
Opposed to Bitcoin Payments, Bank of Russia Says State Should Not Stimulate Spread of Cryptocurrencies
Opposed to Bitcoin Payments, Bank of Russia Says State Should Not Stimulate Spread of Cryptocurrencies Cryptocurrencies are anonymous and the government shouldn’t encourage
Bitcoin, Ethereum Technical Analysis: BTC Remains Below $24,000 After Falling for Fourth Consecutive Session
Bitcoin, Ethereum Technical Analysis: BTC Remains Below $24,000 After Falling for Fourth Consecutive Session Bitcoin continued to trade below $24,000 today, as the token fell for a
ARV Gets Listed on Huobi as Groundbreaking Blockchain and Tourism Event in Dubai Approaches
ARV Gets Listed on Huobi as Groundbreaking Blockchain and Tourism Event in Dubai Approaches press release PRESS RELEASE.The World Tourism Forum Institute’s (WTFI) centrepiece
Bitcoin analyst sees seller ‘exhaustion’ as BTC price rebounds 10%
William Suberg7 hours agoBitcoin analyst sees seller ‘exhaustion’ as BTC price rebounds 10%Bitcoin sellers run out of steam and BTC price strength returns at the Wall Street open as US stocks initially avoid copying
Last Chance For Polygon As Crypto Analyst Predicts MATIC Price Will Surge Above $1 Again
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ukrainian Police Bust Crypto Call Centers Defrauding Investors Across Europe
Ukrainian Police Bust Crypto Call Centers Defrauding Investors Across Europe Ukrainian investigators have exposed a scheme targeting residents of the country and the European Union
Boomers to pour $300B into crypto markets — Morgan Creek Capital
Ana Paula Pereira4 hours agoBoomers to pour $300B into crypto markets — Morgan Creek CapitalMorgan Creek Capital CEO Mark Yusko believes the full impact of Bitcoin ETF adoption has yet to be realized, as boomers will c
CryptoAltum, The CFD Trading Platform With 1:500 Leverage
CryptoAltum, The CFD Trading Platform With 1:500 LeverageCryptoAltum, a popular MT5 platform, executes trades using market execution with all trades filled at the best available pri
US Lawmakers Urge SEC to Permit Trading of Bitcoin Spot ETFs
US Lawmakers Urge SEC to Permit Trading of Bitcoin Spot ETFs U.S. lawmakers have called on the Securities and Exchange Commission (SEC) to approve bitcoin spot exchange-traded fund
Tron’s Steemit Acquisition Exposes Delegated-Proof-of-Stake Centralization
Tron"s Steemit Acquisition Exposes Delegated-Proof-of-Stake Centralization The Steemit community is mired in controversy over the recent Tron takeover that managed to change the
Terra’s Crypto Tokens UST and Luna Classic Mysteriously Pumped This Week, UST Climbed by 470%
Terra"s Crypto Tokens UST and Luna Classic Mysteriously Pumped This Week, UST Climbed by 470% After the downfall of the two most popular crypto assets on the Terra blockchain, the