Prominent market analyst Charting Guy insists that XRP is not bearish in the slightest despite the most recent market crash.
For context, XRP was one of the victims of the broader market collapse that occurred on Friday, Oct. 10. According to a report from The Crypto Basic, the altcoin lost $1.27 from its price, as it slumped to a new yearly low of $1.53. Despite an immediate rebound, XRP remained in a downtrend, leading to retail panic.
XRP Not Bearish in the Slightest
With XRP currently trading for $2.49, the token is still down 11% from its pre-crash price of around $2.8. However, amid the low investor sentiment, Charting Guy believes XRP’s current position is not bearish “in the slightest.”
Notably, the market watcher shared a 1-month XRP chart to prove his point, which indicates that XRP has maintained a position above a crucial support range despite the latest crash.
Specifically, this range lies between the $1.45 and $1.68 price levels. Charting Guy drew a rectangular box within this price region, which engulfs the Fibonacci 0.786 retracement at $1.61. This level acts as XRP’s long-term support region, with the bulls leveraging it to assess the market’s health.
When XRP dropped to the $1.53 mark during the latest market crash, it slipped into this support. Expectedly, the bulls defended the support fervently, hedging against steeper declines below it. Notably, if XRP had dropped below this level, retaking it would have proved difficult, as the bears could have flipped it to resistance.
Instead, XRP held the support and has now recovered well above it as it currently trades for $2.49. Charting Guy’s conviction that XRP is not “in the slightest” bearish is largely due to this situation. With XRP trading well above the support range, it remains in a bullish position, awaiting the next market recovery to push ahead.
XRP Fibonacci Targets
Interestingly, data from the analyst’s chart shows that XRP’s immediate recovery from the Oct. 10 crash also saw it surge above the Fib. 0.888 retracement around $2.2. Now, XRP has no Fibonacci resistance on its way to the pre-crash price of $2.8. Reclaiming this region could set the stage for a rally toward the January 2018 peak of $3.31.
From here, the accompanying chart presents three bullish Fibonacci targets for XRP if the momentum remains strong. The first target sits at $8.29, aligning with the 1.272 Fibonacci extension. For XRP to hit this mark, it would need to rally 245% from the current price.
Meanwhile, the second target, at $13.39, aligns with the Fib. 1.414 extension level, and represents a 458% increase from the current price. For the ultimate target, the Fibonacci analysis sets $26.6 at Fib. 1.618. Notably, a year ago, analyst EGRAG Crypto also presented the $26 level as his ultimate XRP target.
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.
