XRP Price Approaches ‘Death Cross’; Massive Downward Move On Cards
Anjali Belgaumkar7 Aug 20242 min read
What’s next for XRP? This is the one question lingering in the minds of thousands of investors who are glued to the XRP chart, especially during times like these. In his latest analysis, analyst Cheeky Crypto, discussed a multi-year upward movement, beginning in March 2020, which was interrupted by the ongoing SEC lawsuit. Despite the suppression caused by the lawsuit, the analyst expects an upside and with the case nearing its conclusion, the analyst expects a more favorable environment for XRP.
A Peek Into XRP’s Technical Analysis:
The analysis covers XRP’s potential movements in the short, medium, and long term. The analyst stresses the importance of managing expectations, noting that quick profits are unlikely unless one times the market perfectly, such as with a meme coin. Instead, he advocated for a strategic approach, especially given the recent sharp decline in XRP’s price, which was around 34.4% from its previous swing low.
He said that while the current structure suggests a possible completion of the downward move, there remains a chance that XRP could dip further, particularly around the $0.3823 level, which would be a cause for concern.
Despite this drop, XRP has held up better than many other cryptocurrencies, maintaining key support levels. The 4-hour chart suggests that XRP is approaching a “death cross,” where the 50-day Simple Moving Average (SMA) crosses below the 200-day Exponential Moving Average (EMA). This could signal further downside.
The analyst identifies a critical support zone between $0.4074 and $0.4579, which is vital for maintaining the current bullish structure. If XRP breaks below the swing low of $0.3823 (from July 5th), it would challenge the bullish outlook on the chart. If XRP can push beyond the $0.7441 to $0.846 resistance zone, the analyst suggests that the market could be entering an impulsive wave pattern, which would see prices potentially reaching as high as $1.41.
Also Read: Here’s How To Identify The Next 100X Altcoin
