Cryptocurrency analyst EGRAG Crypto has issued a stark warning regarding XRP’s market dominance. According to their recent analysis, XRP dominance is currently retesting the edge of an ascending channel and the Fibonacci 0 level.
EGRAG Crypto predicts that a rejection from these crucial levels could lead to an “epic fall” in XRP’s market share relative to other cryptocurrencies.
#XRP Dominance EPIC FALL is Coming! #XRP Dominance is retesting the Ascending Channel edge and the Fib 0. The rejection will be epic! #XRPArmy STAY STEADY, ONLY FEW Will Trust The Process! pic.twitter.com/y5fMbVKO0r
— EGRAG CRYPTO (@egragcrypto) June 25, 2024
Technical Pattern Suggests Binary Outcome
Analyst JT has identified a clear technical pattern for XRP that presents a straightforward trading strategy. The pattern suggests two possible scenarios:
Bearish Scenario: A break below the support rail would signal a sell opportunity.
Bullish Scenario: A break above the resistance rail could indicate a bullish breakout.
JT, who discloses owning XRP, emphasizes the importance of respecting chart patterns over personal biases. The analyst states a clear intention to exit their position if XRP breaks down but remains optimistic about celebrating if it breaks upward.
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Show more +Show less – Bullish Pennant Pattern Hints at Massive Potential Gains
In contrast to the cautionary tones, analyst Armando Pantoja presents a highly bullish outlook for XRP. Pantoja has identified a strong bullish pennant pattern on XRP’s monthly chart, drawing parallels to a similar formation that preceded a 7,637% gain in 2017. The analyst notes that both volume and momentum are building, potentially setting the stage for a repeat of such dramatic price action.
As XRP approaches critical technical levels, the cryptocurrency community remains divided on its future prospects. Some analysts foresee potential downside risks. However, others anticipate major growth reminiscent of previous bull markets.
Read more: Shiba Inu Shows Signs of Potential Rebound: This Signal Presents a Buy Opportunity for SHIB
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The post Crypto Analyst Warns of a Major Ripple Dominance Fall: Says XRP Rejection from This Channel Could Be Epic appeared first on CaptainAltcoin.