XRP price still trading around the $0.6 limitand investors we await the coming separationt in the coming weeks. On an interesting note, an interesting change of opinion has recently emerged, caused by a well-known cryptocurrency analyst who suggests that XRP may be closer to a significant collapse than a breakout.
“The collapse will be violent,” said the analyst. This statement will, understandably, promote a sense of caution among traders, especially those who have been looking for an optimistic trajectory in the price of XRP.
However, the analysis does not seem entirely straightforward. When examining the XRP/USD chart shared by the analyst, it becomes clear that there may be an element of wordplay involved in his prediction. The chart is bearish, especially for those who are still bearish on XRP.
Current XRP price status
Most crypto analysts they are currently active on XRPespecially in the light of recent increase in cryptocurrencies and broad fundamentals of the crypto market. Although there are still concerns of an SEC complaint, you could argue that XRP is now free from the chains caused by the multi-year lawsuit between the regulator and Ripple, the company behind the creation of XRP.
However, despite the newfound freedom and greater consensus among investors, XRP has struggled to support the rally up to expectations. Although there have been occasional rallies, it has generally been rejected at key resistance areas at the $0.60 and $0.70 price levels. Notably, recent XRP analysis from crypto analyst Jackis (@i_am_jackis) seems to be building on this bearish resistance.
Analyst Says XRP Is At Risk Of A Big Crash
In accompanying XRP price chartJackis draws attention to a series of highs and lows, with an important low line serving as the cryptocurrency’s main support level. His accompanying XRP price chart suggests that the digital asset is currently testing this support, and in his opinion, there is a growing possibility that XRP will break below this trend line that continues in the near term.
However, upon further investigation, Jackis’ chart, shared above, was found to be distorted and revealed a completely different narrative than originally thought. What appears to be chart weakness and possible breakouts is, in fact, an indication of a bullish setup.
This means that the XRP chart shared by Jackie suggests that the cryptocurrency is about to break out of the resistance trend instead of support and finally ready for a meeting. Furthermore, his predictions suggest that if XRP breaks this resistance, it could start a rally that pushes the price up to $1.05, which is an 81% increase from the current price.
At the time of writing, the price of XRP is trading at $0.586.
The featured image was created with Dall.E, a chart from Tradingview.com