This Crypto Analyst Remains Cautiously Bullish on XRP’s Prospects
A well-known crypto analyst named CoinsKid recently shared his thoughts on XRP and the broader crypto market. Despite expressing frustration over XRP’s recent price action, CoinsKid remains “cautiously bullish” about the token’s future.
Market Metrics Suggest Holding XRP
CoinsKid explained that important market metrics indicate that it is not the right time to sell or short XRP. He pointed out that the sell short zone is currently at 1.9%, while the buy long medium zone stands at 41%. This suggests that there are still opportunities in the market, even though it may not feel like it when prices are down.
Potential Bottoming Out of the Crypto Market
The analyst believes that the entire crypto market could be reaching a bottom after last week’s pullback. He identified a “little five wave counter trade” on Bitcoin (BTC) that leads him to think altcoins like XRP could start to rise again this week. However, he advises patience and waiting for the weekly close to confirm this scenario.
XRP’s Price Fractal and Key Support Levels
CoinsKid acknowledged that if XRP breaks below crucial support levels, his bullish scenario would be invalidated. However, he currently sees the token following a similar price pattern as before, which led to significant gains.
Hot Take: CoinsKid Remains Optimistic About XRP Despite Frustration
In a recent YouTube video, CoinsKid expressed frustration over XRP’s price action but maintains cautious optimism about its prospects. While market metrics suggest holding onto XRP for now, patience is advised as the crypto market potentially bottoms out. CoinsKid believes that altcoins like XRP may start rising again based on a counter trade pattern observed in Bitcoin. However, it is crucial to monitor key support levels for any potential invalidation of the bullish scenario. Despite the frustration, CoinsKid remains hopeful about XRP’s future performance.
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