After the announcement of the Conclusion of the legal struggle of Ripple-SEC That started in 2020, the XRP price had risen by more than 12% in response. This brought the Altcoin back above the $ 3 level to lead the bulls over the price. However, there has been a delay in the price in the light of taking a profit, and a crypto analyst has suggested that the price could continue to fall to the next large level of support.
Falling trendline break not enough to keep the price
After the wave that was activated by the announcement of the Ripple-SEC, the XRP prize was able to break a falling trendline that had formed after the peak in July. This break had pushed the price to $ 3.4 before he was beaten again, crypto analyst Hamed_AZ marked In a new analysis.
This was activated by the resistance that came just before $ 3.4 and has now sent the Altcoin back in a corrective phase. So far, the bulls have fought this correction because the level of $ 3.2 has continued to serve as support. However, the analyst predicts that the correction is far from.
Hamed explains that it is likely that the XRP price will eventually break to re -test the previously broken trendline at around $ 2.9. This would mean that a crash under $ 3 could be in the making, which knew all the support that was built at this level.
The continuation of the XRP price rally
Although a break in the direction of the previously broken trendline is expected, the graph of the analyst suggests that digital active support could find just above $ 2.9. This level would mark the completion of the pullback and would serve as the lift-off point for a bullish continuation that could push the price higher.
This movement would also XRP price on the path of a rising trendline From the month of June, which would coincide with the bottom of $ 2.93. Once this is completed, Hamed expects The XRP price To raise to brand new all-time highlights.
From here an increase of more than 35% is expected, which would yield XRP more than $ 4. If this happens, it would erase the current peak of $ 3.84, which was recorded in 2018 8 years ago.