Crypto analyst Tony Severino has revealed a rare chart formation, providing a bearish outlook for the XRP price. This comes amid a downtrend in the market, with concerns that XRP may have reached the top in this market cycle.
Rare Chart Pattern That Led to 87% XRP Price Crash Resurfaces
In one X messageSeverino revealed that the XRP monthly LMACD has crossed bearish for the third time ever. He noted that the past two bearish crossovers resulted in 87% and 71% capture after the signal was fired. The analyst added that this signal is still not confirmed this time. As such, he noted that bulls need to push the XRP price much higher this month or risk the signal being confirmed.
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Severino’s analysis comes amid a downtrend in the crypto market, which has pushed the XRP price lower. The altcoin is now at risk of falling below the psychological level of $2, a level it fell below during the crisis $19 billion liquidation event in October. Particularly crypto analyst CasiTrades had previously predicted this that XRP could still drop to $1.4 before bottoming out.
The analyst is convinced that such a crash for the XRP price is the perfect buy-the-dip opportunity as she expects the altcoin to still rise to new levels. all-time high (ATH)possibly rising to $10. From a fundamental perspective, there are also positives for XRP, which could trigger a significant recovery.
Canary Islands capital spot XRP ETF is on track to launch on November 13, while Grayscale and Bitwise have also updated their documentation, meaning they could launch soon. Ripple also just launched a crypto prime brokerage in the US to offer OTC trading for XRP, RLUSD and other crypto assets.
A breakthrough for XRP on the horizon
Crypto analyst Ether has indicated that XRP price is poised to break above the $3.1 resistance level soon enough. He stated that the current resistance will inevitably break with that of the altcoins price piles up versus the key support at $1.9. The analyst explained that each test weakens sellers’ defenses as supply is absorbed, liquidity decreases and the market comes under pressure.
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Additionally, Ether noted that steady accumulation above strong support shows that buyers are quietly taking control and energy is being stored for an explosive move. In line with this, he stated that the XRP Price Breakout It is no longer a matter of if, but of when. In the meantime, CasiTrades listed that XRP is eyeing the USD 2.04 and USD 1.72 support points as part of the latest wave to the downside.
At the time of writing, the XRP price is trading around $2.2, down over 6% in the past 24 hours. facts from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com