Time To Sell XRP? Price Completes Head And Shoulder Pattern, Suggesting Crash To $2.2 Is Imminent
Cryptocurrency analyst TradinSides said it may be time for investors to start unwinding their long XRP positions. Analysts Reveal a Bearish Pattern That Suggests XRP Price Is Possible to Fall major accident.
XRP price could collapse as head and shoulders pattern forms
in a Transaction View PostTradinSides predicts that XRP may collapse as the price may form a head and shoulders pattern, pushing the cryptocurrency to $2.2 or below. Analysts say that if some of the altcoin’s bullish fundamentals don’t play out as expected, a price correction could happen. Fundamentals cited by TradinSides include RLUSD stablecoin and the upcoming XRP ETF.
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While these fundamentals bring a bullish outlook for XRP price, the cryptocurrency analyst said that XRP is still facing heavy selling pressure due to the SEC’s decision to appeal the Ripple case ruling, which is affecting demand and market sentiment. TradinSides mentions the re-election of SEC Commissioner Caroline Crenshaw and how this will ultimately impact corrugated case and XRP price.
Analysts pointed out that Crenshaw’s re-election is scheduled for December 18. However, if Crenshaw fails to be re-elected, Donald Trump A new commissioner may be nominated. Crenshaw’s renomination is significant because the SEC must file opening statements in the appeal case on Jan. 15.
If she is re-appointed, she will likely vote to support the committee’s opening brief, as she is known to have taken an anti-encryption stance on multiple occasions. The cryptocurrency analyst believes that altcoins may face selling pressure if the SEC appeal continues.
On the other hand, if the SEC withdraws its appeal, TradinSides predicts that the Commission may also withdraw its appeal. This will result in the agency approving the pending XRP ETF applicationwhich could drive demand higher. If this does not happen, cryptocurrency analysts predict that a head and shoulders pattern could push XRP price to $2.2.
status quo
In X post, crypto analyst dark guardian Provides the latest information on current XRP price trends. He stated that the 4-hour time frame confirmed the breakout for XRP. The analyst added that the daily time frame will see confirmation above $2.52. Once XRP breaks this level, Dark Defender predicts the altcoin will rebound to $2.72.
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The cryptocurrency analyst also highlighted key targets to focus on. He said $5.85 and $8.76 are short-term targets. At the same time, he mentioned $2.29, $2.24, $2.10, and $2.02 as support levels worth watching. Dark Defender previously predicted that the XRP price would eventually Reached $18 during this market cycle.
According to the data, at the time of writing, XRP price is around $2.41, rising in the past 24 hours data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
