Amid the recent market downturn caused by the legal actions against leading cryptocurrency exchanges Binance and Coinbase, there is a glimmer of hope for XRP. A well-known technical analyst believes that XRP is showing signs of a bullish pattern amid the prevailing bearish sentiment. The imminent release of certain emails could have a significant impact on XRP and the wider crypto space, potentially impacting the SEC’s lawsuits against several crypto companies.
Cheeky Crypto suggests in a new YouTube video that XRP may need to fall further for the next upward move. Support levels around $49.95 to $50.42 are identified, with the expectation of a rally to the previous high of around $54.94.
Nevertheless, the analyst believes that XRP is in an interesting state and predicts a breakout from the current bearish phase to a more bullish one. However, he expects downward movement before the breakout due to a continuation pattern. The analyst highlights the importance of the imminent public release of certain emails, which could affect XRP’s price action.
Also Read: Kevin O’Leary calls cryptocurrencies ‘radioactive waste’ due to lingering uncertainties
Based on the technical analysis presented by the analyst, XRP’s future trajectory appears to be influenced by both Elliott Wave Theory and Smart Money Concepts. While the irregular flat correction pattern is currently favored, it is essential to monitor XRP’s price action and market developments for confirmation.
Another analyst, EGRAG also warned investors and told them to remain alert. He wrote on Twitter,
“I believe it is important to remain alert and aware of the possibility of a downturn in the market. We should always be on the lookout for unexpected events or fake-outs that could affect our investments. In my opinion, the Ultimate Shake Out could potentially retest the June lows, with the possibility of some minor fluctuations below that level. Therefore, it is crucial to remain vigilant and keep a close eye on market movements.”
