Crypto analyst ChartNerd has raised the possibility that the XRP price will rise another 30% from current levels. This comes even if the altcoin is in danger of disappearing the gain since the beginning of the year (YTD) due to the recent crypto market crash.
How XRP Price Could Rise to $2.70
In one X messageChartNerd stated that a potential XRP price rally to $2.70 in the near term is a possibility if the altcoin can maintain the Fib support targets and mark a higher low. He highlighted three Fib Support Levelsincluding the 0.5 for $2, 0.618 for $1.99 and 0.786 for $1.89. He noted that $2.70 was the base of the descending triangle, around the area where XRP failed after the October 10 crypto crash last year.
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ChartNerd also explained that the XRP price is currently in a falling wedge breakout pattern and that this usually leads to rallies as high as where the currency was broken. As such, in this case, XRP could reach the falling triangle resistance at $2.70. The crypto analyst had also highlighted bullish fundamentals that could drive the rally towards this target. This includes Ripple’s alleged ties to South Korea’s symbolic infrastructure and the expected major expansion for XRP.
However, it is worth mentioning that the XRP price is also at risk of a further decline amid the latest crypto market crash, led by Bitcoin. BTC has fallen to $92,000 in the past 24 hours, causing XRP to crash below the psychological level of $2. This crash occurred on the back of the newest one Trump Tariffs about some European countries about the US’s proposed takeover of Greenland. The EU is considering retaliatory tariffs, which could escalate this into another full-blown trade war.
The crash could be a ‘blessing in disguise’
In another X messageChartNerd suggested that the recent XRP price crash could be a blessing in disguise. This came after the analyst hinted at the $1.80 liquidity position on the monthly heatmap. He noted that this latest drawdown has put the altcoin right there liquidity on the sell sidea move that ChartNerd described as a clarity response.
ChartNerd also suggested that the XRP price is likely a minor setback rather than a major retracement. He noted that while altcoins are taking a big hit, Bitcoin hasn’t lost any major structure and that he only sees “opportunity” until the trendline is invalidated. As such, XRP could see a rebound if BTC successfully defends this trend line.
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At the time of writing, the XRP price is trading around $1.96, down more than 4% in the last 24 hours. facts from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com