Follow us on:

cc_icon

XRP Price Analysis: Bearish Outlook in the Short Term

Ripple XRP Price DROPS: What's Next For XRP Price?
Ripple XRP Price DROPS: What's Next For XRP Price?

A recent video by a cryptocurrency analyst has presented a bearish outlook for XRP in the short term. The analyst analyzed XRP’s price action on a one-hour time frame, paired with USDT on the Bitget spot exchange.

The analysis suggests that XRP may be in a fifth wave movement, potentially forming a diagonal pattern. This would mean that the cryptocurrency is nearing the end of its current uptrend and is likely to experience further downside price movement.

The analyst expects XRP to target prices between 35.174 and 39.214 in the near term. However, a potential relief rally is also mentioned, followed by more downward movement, ultimately targeting lower price levels.

The analysis takes into account Elliott Wave Theory, which is a technical analysis tool that identifies patterns in market prices. The analyst believes that XRP is currently in a bearish five-wave pattern, which is typically followed by a corrective three-wave pattern.

Technical indicators like moving averages (EMAs) are also considered in the analysis. The analyst warns of potential death crosses, which occur when a shorter-term EMA crosses below a longer-term EMA. This is a bearish signal that can indicate a trend reversal.

The weekly chart also suggests a bearish outlook for XRP. The price is currently in a healthy correction, but the analyst believes that it could form a head and shoulders pattern, which is a bearish reversal pattern. If this pattern is confirmed, it could lead to a new bear market low for XRP.

The video concludes with a call for viewers’ opinions and an invitation to join the Discord community.

Here are some key takeaways from the analysis:

It is important to note that this is just one analyst’s opinion and the actual price movement of XRP could be different. Investors should always do their own research before making any investment decisions.

Leave a comment

Your email address will not be published. Required fields are marked *