Arthur, a notable market analyst, has called attention to what he believes is a dangerous move from XRP, insisting that the storm is not yet over.
Notably, the analyst’s commentary referenced the latest market-wide crash that impacted the prices of Bitcoin (BTC) and altcoins, including XRP. Specifically, XRP crashed by over 43% to a bottom of $1.58 on Oct. 10, marking its lowest price this year.
Despite recovering quickly from this floor, XRP is still facing massive losses at press time, down by more than 17% over the past week. While the rebound effort has pushed XRP price to the $2.4 region, Arthur believes the altcoin remains in a delicate position.
XRP Makes a Dangerous Move
In his recent analysis, the market commentator called attention to XRP’s struggles on the 4-hour chart. He says: “Dangerous move from XRP, the storm might not be over yet… After a 200%+ bounce from the crash lows, structure is showing signs of exhaustion.”
Data from the chart indicates that while XRP maintained a price above the $2.6 psychological mark, it remained within a symmetrical triangle that has guided its price action for weeks.
However, the recent Oct. 10 crash pushed XRP’s price below the lower trendline of the symmetrical triangle, triggering a drop underneath two more psychological support levels at $2.2 and $2.5 in one fell swoop. When XRP rebounded, it immediately recovered the $2.2 support, but reclaiming the $2.5 level took some time.
Notably, after recovering both supports, the next target was to push back into the symmetrical triangle and maintain the price action within it. Nonetheless, this attempt failed, as XRP witnessed intense resistance at the lower trendline of the triangle.
XRP has since retraced from this resistance, and with its price currently sitting at $2.45, it has also lost the $2.5 level again. Arthur called the drop below the symmetrical triangle and the subsequent failure to reclaim it “a dangerous move” from XRP. He argued that the storm is not yet over.
XRP Still in a Delicate Position
According to the market pundit, XRP bounced from the lows it hit during the crash, but this rebound effort appears to be facing exhaustion. This is an extremely bearish position to be in, as the asset ought to have recovered back into the triangle immediately after the breakdown; otherwise, these lows could be the next normal range.
XRP’s recent drop below $2.5 came as the market saw renewed bearish action amid China’s promise of retaliation over President Donald Trump’s tariff warning. Once the tension eases, XRP must reclaim $2.5 and aim toward rebounding into the triangle. Should this occur, the asset will have reversed the bearish trend.
Interestingly, analyst Xaif is rather confident that XRP could recover fully from the recent collapse. Specifically, he pointed out that the XRP SOPR dropped to a six-month low when XRP’s price collapsed on Oct. 10.
According to Xaif, the last time such a drop occurred, XRP recovered 35%. He expects a similar recovery push. Moreover, in the long term, veteran trader Peter Brandt appears to be bullish on XRP. In a recent disclosure, he suggested that XRP had a “pure” long-term chart.
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.
