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Crypto analyst Crypto Paradise has shattered hopes of an upward trend for the XRP pricein the short term. This came following his prediction that the altcoin could witness a massive crash to a major support level. Analyst Predicts XRP Price Crash To $1.6
In a TradingView post, Crypto Paradise predicted that the XRP price could crash to the support level at $1.6. This came as he suggested that a huge bearish trapcould be unfolding right now for XRP. This means that the altcoin will simply correct to shake out the bears and then witness a bullish reversal. Related Reading Crypto Analyst Shatters XRP Price Bullishness, Predicts Massive Crash To This Support Level 4 hours ago
However, in the short term, the analyst warned that the XRP price is flashing serious warning signs. He highlighted the formation of a rising wedge pattern, which increases the probability of a bearish move. Crypto Paradise also noted that while analyzing the broader market structure, the recent upward trend looks to be a retracement within the larger bearish trend. As such, the probability of a decline being imminent is still very high. Source: Crypto Paradise on Tradingview
He claimed that if the XRP price bounces, grabs liquidity, and starts forming clear bearish patterns from the resistance areabetween $2.4 and $2.5, it could set up an excellent opportunity with a high risk-to-reward (RR) ratio for shorts. However, this bearish thesis will be invalidated if the price breaks out and closes a candle clearly above the resistance zone.
If that happens, Crypto Paradise believes it would be much smarter to stay patient and wait for a more reliable XRP price action setup before considering new trades. The analyst also urged market participants to stay disciplined, patient, and smart. He added that it is best to stick to the plan and never rush decisions under emotional pressure. A Bullish Prediction For The Altcoin
In an X post, crypto analyst Ali Martinezprovided a bullish outlook for the XRP price. He stated that the altcoin looks to be breaking out of an inverse head and shoulders pattern, with a potential upside target between $2.70 and $2.90. A rally to this $2.90 target could pave the way for another rally to a new ATH for the altcoin. Related Reading Here’s What Happens If The XRP Price Closes Out This Week Above $2.25 1 week ago
Crypto analyst Joe also asserted that the XRP price looks bullish. He noted that the inverse Head and Shoulders breakout has been confirmed, while a bullish wedge breakoutis evident on the charts. Key resistance has also flipped to support, and a higher low has formed. In line with this, the analyst remarked that momentum is building for a strong move up.
At the time of writing, the XRP price is trading at around $2.28, down in the last 24 hours, according to datafrom CoinMarketCap. XRP trading at $2.28 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com