XRP Analyst Predicts Massive Crash
XRP, like other cryptocurrencies, is experiencing a significant retrace that has brought prices back to levels not seen since last year. While many expect this to be a temporary setback due to anticipation of a potential Bitcoin Spot ETF approval, one crypto analyst has a bearish outlook on XRP’s future.
XRP Massive Bear Flag Identified
The crypto analyst, known as Bitgolder, has shared an extremely bearish analysis of XRP’s price. According to Bitgolder, the XRP price chart indicates the presence of a bear flag, one of the worst formations seen for the altcoin in recent times.
Bitgolder explains that several factors contribute to the formation of this bear flag, including a drop in volume over the past week and declining interest from investors. The altcoin’s failure to meet expectations following a court ruling also adds to the bearish sentiment.
No Bullish Signs for XRP
Contrary to popular belief, Bitgolder argues that the recent price bounce observed in XRP was not bullish but rather part of a correction. The analyst points out that XRP failed to reach a new all-time high during the previous bull market while other coins were rallying.
Bitgolder warns investors of an upcoming slow bleed in XRP’s price, attributing it to numerous bag holders and misleading information from YouTubers. The analyst predicts that many will suffer losses as a result.
XRP Could Drop to $0.07
Bitgolder believes that the United States Securities and Exchange Commission (SEC) will ultimately win their legal battle against Ripple. The analyst expects XRP to be classified as an unregistered security or face another lawsuit from the SEC, causing investors to lose faith and sell their coins.
I used to think that maybe XRP could do some amazing things but after doing more research and looking into on-chain metrics, I am now convinced this was the biggest pump and dump in history.
However, Bitgolder acknowledges the possibility of a temporary surge in XRP’s price back to the $0.7 territory, which is the top of the bear flag. Nevertheless, the analyst views this as a trap that will ultimately disappoint investors. The resistance at this level poses a challenge for XRP’s potential breakout.
Hot Take: XRP’s Future Looks Grim
Despite the optimistic outlook of some crypto enthusiasts, one analyst predicts a massive crash for XRP. The presence of a bear flag in the altcoin’s price chart, combined with declining volume and investor interest, raises concerns about its future performance. The analyst also points out XRP’s failure to reach new all-time highs during previous bull markets compared to other coins.
This bearish analysis suggests that XRP could experience a slow bleed in its price, causing losses for many investors. Additionally, the ongoing legal battle between Ripple and the SEC adds further uncertainty. While there may be temporary price surges, they are viewed as traps rather than signs of a sustainable recovery. Overall, the analyst’s grim prediction highlights the potential risks associated with investing in XRP.
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