Analyst Predicts Possible 40% Crash For XRP Price With Gravestone DOJI Candle Formation
this XRP Price’s Long-Awaited Rise Cryptocurrency analysts are predicting a 40% plunge in cryptocurrencies, and this may soon be over. Despite XRP’s recent bullish momentum Breaking through the $1 markAnalysts have revealed that XRP is exhibiting a tombstone doji candlestick pattern, signaling a bearish outlook for the cryptocurrency.
XRP price expected to plummet 40%
A Cryptocurrency Analyst Rated “Worry-Free” on TradingView release Detailed Analysis of XRP Price Movement, Expected to Rise 40% collision In the short term. The analyst highlighted that a 40% drop could happen in a matter of days and XRP would witness major reversal Judging from recent price highs.
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According to TradingView cryptocurrency experts, XRP Price Trend It’s up an impressive 150% in the past 10 days. This price increase has fueled its rise Crossing $1 milestone for first time in three years. Despite these bullish developments, analysts have highlighted a number of reasons and technical indicators that suggest a trend reversal and price correction is imminent for XRP.
exist Ripple price chartanalysts identified and confirmed the Tombstone Doji, a bearish candlestick pattern that occurs at market tops, signaling a possible price pullback. this Tombstone is breastfeeding The candlestick chart shows that buyers trying to push the price of XRP higher were clearly overwhelmed by sellers taking profits.
Another indicator that XRP price may be preparing for a sharp correction is Relative Strength Index (RSI) and the Money Flow Index (MFI) supported the breakout. RSI measures the speed and variability of an asset’s price movements, indicating whether the asset is overbought or sold. On the other hand, microfinance institutions consider both price and quantity, highlighting the flow of funds.
XRP’s RSI breaking out of support signals a possible trend reversal due to overbought markets. Analysts say an MFI breakout is a very noteworthy indicator that money is leaving an asset, ultimately signaling that buying pressure is waning.
More factors pointing to a coming crash
As mentioned earlier, TradingView analysts predict XRP price could plummet 40%, which means the cryptocurrency could fall to $0.66 from its current level of $1.11. In addition to the factors mentioned above, market experts also say that XRP’s price action is currently outside the expected range. Bollinger Bandsmeasures the price volatility of an asset.
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Analysts reveal that 95% of price movements occur within ranges. Therefore, prices outside the Bollinger Bands usually signal a retracement or correction towards the $0.73 mean. Furthermore, he noted that the bands were bending inward, suggesting Ripple Buyers Exhaustion is possible, increasing the likelihood of a price reversal.
Additionally, TradingView cryptocurrency analysts highlighted that most traders are either long or bullish on XRP, which is a contrarian sign for the cryptocurrency’s price outlook. Although he admitted that it was possible XRP continues its upward trendAnalysts also noted that current indicators point to a lower likelihood.
Featured image created using Dall.E, chart from Tradingview.com
