Analyst sees XRP outlook flipping bullish if it reclaims $0.75, neutral at $0.45, and bearish below $0.45 with key support at $0.30.
Chart analyst Leb Crypto has provided a detailed analysis on XRP’s midterm outlook, particularly focusing on the symmetrical triangle pattern formed since early 2021. According to Leb Crypto, XRP’s price movement is currently bearish on daily and higher timeframes (HTF).
He notes that a bullish sentiment will emerge if XRP can reclaim the $0.75 level, turning neutral if it holds at $0.45. However, if the price drops below $0.45, the sentiment will turn extremely bearish, with $0.3 being the next significant support level.
#xrp midterm (this summer):
Currently bearish on daily and HTF.
– Bullish if $0.75 is reclaimed.
– Neutral if $0.45 holds
– Extremely bearish if $0.45 is lost ($0.3 would be next)Respect the price action and trade the charts. Put your emotions or what you think of a project.… pic.twitter.com/z2Bpq19tMT
— LE₿ C®️YPTO (@leb_crypto) June 8, 2024
Leb Crypto stressed the importance of respecting price action and trading based on charts rather than emotions or project perceptions. He maintained a long-term bullish outlook, highlighting that XRP has been printing higher macro lows since early 2021.
In previous analysis, U-copy provided a timeline for when XRP can break the 7-year symmetrical triangle. According to U-copy, the period from May 15 to August 2024 is highlighted as a critical time frame for XRP to break the long term triangle.
XRP is changing hands at $0.4955, with a 24-hour trading volume of $546,855,721. Despite a recent 0.26% increase in the last 24 hours, XRP has experienced a 4.21% decline over the past week.
Market Analyst Predicts Potential Price Surge
Elsewhere, market analyst EGRAG has offered a more optimistic view, predicting a 41% price upswing for XRP, which he believes will lead to a substantial breakout.
Despite XRP’s struggles around the $0.5 price level, EGRAG’s analysis suggests that this initial 41% increase could be a precursor to a more significant rally, echoing patterns observed in 2017 before XRP’s meteoric rise.
This potential increase is noteworthy amidst XRP’s current underperformance, providing hope for investors anticipating a bullish reversal.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
