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A new XRP price forecast It has arisen, offering ideas about the next peer movement of the cryptocurrency. A cryptographic analyst that previously predicted XRP crash Below $ 2 has provided a more complete perspective, describing key support and resistance areas that will determine the next XRP objective.
According to TrainingView Crypto Analyst, ‘Mmbtrader’, the XRP price is established in dump Under the $ 2. threshold when writing, CoinmarketCap reports that XRP is quoted at $ 2.2, which reflects a modest increase in the value of 3% in the last 24 hours.
The projected XRP price will crash for $ 1.5
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The TrainingView crypt expert has identified a head and shoulder pattern in the daily XRP table, which consists of three peaks: left shoulder, head and right shoulder. Typically, a classic Head and shoulder pattern It is considered one of the most common indicators of a possible price breakdown, and the price of a cryptocurrency is expected to retire from bullish to bassist.
Looking at the price table, a break below the pattern neckline around the price of $ 1.95 would confirm XRP bearish position. If the cryptocurrency cannot maintain the support level of $ 1.95, an acute drop is expected, possibly up to 50%. This massive accident would effectively place the price around at the level of $ 1.5 or even as low as $ 1.2.
Although a possible accident awaits at $ 1.5, MMBTRader also projects an alternative upward scenario in which the The XRP price starts a strong rebound. The analyst revealed that if the cryptocurrency is consolidated by about $ 2 without breaking, then a bouncing could follow.
In addition, the commercial vision expert believes that the asset could also Experience a significant rally Towards $ 5 after its projected price shock of 50%. He emphasizes that if XRP can maintain the support level about $ 1.5, then a strong investment could occur, which could cause a bullish movement between $ 4 and $ 4.5.
The whales collect $ 385 million in the middle of the descending trend of the market
While XRP experiences a slow impulse due to the recent market decrease, whales are taking advantage of the opportunity to Buy the dipaccumulating a significant amount of token. According to the cryptographic analyst Brett, an XRP whale has executed A large -scale transaction, which bought more than 167 million XRP, valued at $ 368.4 million, in a single purchase.
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Brett revealed that this purchase of whales It was done when the market panicked over the growing volatility and the price decreased. In recent weeks, XRP has fought to recover from the bearish trendsjoining the ranks of the main cryptocurrencies such as Bitcoin and Ethereum, which registered a large price accident in early February.
Coinmarketcap data show that the Altcoin price has fallen by 11.6% in just one week. This decline comes as the broadest Crypto Market faces mass settlements Totalizing hundreds of millions of dollars.
Outstanding image of Adobe Stock, TrainingView.com box
