In the ever-fluctuating world of cryptocurrencies, crypto analyst CryptoWzrd has made an optimistic prediction XRPwhile highlighting a potential bullish hammer for the crypto asset.
A bullish hammer for XRP could happen
The cryptocurrency analyst recently contacted X (formerly Twitter). part the projections with the entire crypto market. Analyst predictions are made based on XRP’s daily technical outlook.
With a clear observation of the chart, CryptoWzrd noted that XRP could be poised to form a bullish hammer. For this pattern to occur, a bullish candle must appear today, January 4.
After the forecast, CryptoWzrd noted that the XRP/BTC chart is showing strength against the bears. Moreover, it recovered most of its losses and ended the day with a promising pin bar.
The analyst was optimistic about XRP’s potential to take control and emphasized that a strong rebound could push the token higher. However, he alluded to the impact of external variables hindering this recovery, particularly the potential threat of adverse SEC news on ETFs.
CryptoWzrd’s predictions came amid a notable disruption in the crypto market that took place yesterday. Saw the disruption Bitcoin (BTC) plummets to around $40,000while XRP fell and almost reached the October 2023 low of $0.50.
After recovering to levels around $0.57, CryptoWzrd expects that a recovery from this area could mark the breakpoint of the daily lower high trendlines. As a result, the crypto asset could move closer to and above the $0.7300 mark.
According to the crypto analyst, the strength displayed by the XRP/BTC chart is a major reason behind the optimistic outlook. According to CryptoWzrd, this strength surrounds the positive view that XRP could orchestrate the bullish rise.
The analyst’s thoughts from an intraday point of view
CryptoWzrd turned its attention further to the intraday chart, anticipating the next move. The expert noted that his “primary focus” today will be on the intraday chart, where he will be looking for a scalp.
While the analyst acknowledges Wednesday’s volatility, he has predicted it will continue today. However, despite the uncertainties, CryptoWzrd has expressed optimism and made plans to trade again.
So far, the expert has emphasized that two crucial factors will determine XRP’s ultimate trajectory. These include the path that Bitcoin and the fundamental data that may emerge in the coming days.
At the time of writing, XRP was trading at $0.578, indicating a decline of more than 8% in the past 24 hours. Meanwhile, the market capitalization has also fallen by more than 8% in the past 24 hours.
Despite the decline in price and market capitalization, the token’s trading volume appears to have increased significantly over the past day. Data from CoinMarketCap shows that crypto asset trading volume has increased by 153.49% at the time of writing.
Featured image from Shutterstock, chart from Tradingview.com
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