A Possibility of XRP Bottoming Out, Says CoinsKid
A popular YouTube crypto analyst known as CoinsKid suggests that XRP may have hit its bottom after experiencing a significant decline. However, he advises investors to exercise patience and wait for further price action confirmation before making any moves.
Capitulation Creates Opportunity
CoinsKid points out that the recent downward movement in crypto markets, coupled with the rebound of the U.S. Dollar Index, has led to capitulation in several altcoins. He sees this as a “beautiful opportunity” for investors. Specifically, he highlights the sharp drop in XRP’s price, which reached the “buy long strong zone” and triggered maximum fear according to his proprietary crypto index tracker.
Waiting for Confirmation
Although CoinsKid believes this could be the bottom for XRP, he cautions that more bullish structure and breakthroughs of key resistance levels are needed before confirming it. He specifically looks for a decisive close above the $0.6258 level, which would transform that zone from resistance to support. The analyst also highlights a new five-wave micro impulsive move upward from the recent XRP lows.
Not Urging Immediate Buying
CoinsKid concludes by stating that while he is becoming more optimistic about XRP due to emerging chart patterns, he does not recommend an immediate buy at this point. He emphasizes that it’s crucial to consider the overall structure and support going forward.
Hot Take: Proceed with Caution
CoinsKid’s analysis indicates the possibility of XRP hitting its bottom, but he advises caution and waiting for further confirmation. It is essential to observe the bullish structure, breakthroughs of resistance levels, and ongoing support before making any investment decisions. While the emerging chart patterns are encouraging, it is crucial to exercise patience and consider the overall market conditions.
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