Crypto analyst Stephanie has stated that XRP is at a crucial decision point, noting that the altcoin could still rise to $2. She also outlined the bearish scenario, in which XRP could still fall below the psychological $1 level.
How XRP could rise to $2 now that the price is at a decision point
In one X messageStephanie stated that XRP is a decision point, with a breakdown into multiple time frames. She noted tight consolidation, with increasing pressure on the four-hour time frame. In the meantime there is one falling wedge on the daily chart, while on the weekly chart the price is at major support with an RSI reset on the way.
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The analyst stated that this is compression before expansion, which could lead to compression a bullish move. For the bullish trigger, XRP needs to break and hold $1.42, $1.45, and $1.60, which could then lead to a ‘quick’ rally to $2. However, there is also a bearish risk as a liquidity wave towards $1 and $0.90 could occur if XRP loses the range between $1.30 and $1.25.
Comment on the current XRP price actionStephanie noted that the altcoin has been in trouble for months. However, she said this setup is tighter than before, indicating a big move is on the horizon. As such, the analyst noted that it is not a matter of if, but of when and in which direction the altcoin will go.
She alluded the CLARITY Actwhich she suggested could be a catalyst for XRP’s next move as this week could prove pivotal for the crypto bill. Stephanie added that the market will not wait for the bill to pass before responding, but could do so once the bill increase is scheduled.
Now it can be a good entry point
On-chain analytics platform Santiment suggested which can now be a good low-risk entry point for those looking to invest in XRP. This came as the platform cited its weekly social data, which shows FUD for XRP at the third highest level over the past two years. The altcoin has made a notable recovery over the past two years at the first and second highest points of this FUD.
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Santiment noted that, historically, when this level of bearish commentary replaces bullish commentary, it is more likely to occur a relief meeting increases significantly. They added that the price is moving in the opposite direction of public expectations. So, with retail investors currently bearish on
At the time of writing, the XRP price is trading around $1.36, up over 2% in the past 24 hours. facts from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com