Analyst Jaydee_757 has shared insights on XRP’s price trend, offering a technical perspective on the potential top and bottom levels for the token. In a tweet, Jaydee_757 emphasized the significance of key price levels, particularly the $0.63 resistance, in determining the next directional move for XRP.
His tweet highlighted the value of technical analysis above market noise and warned that the following action would either confirm a bullish breakout or cause a possible drop.
On a two-week logarithmic graph, XRP has been trading in a symmetrical triangular pattern. This arrangement, marked by declining resistance and rising support lines, shows a consolidation phase whereby price volatility reduces.
#XRP while influencers are getting emotional w/the "SEC" noise w/their 1x gain in 7 years..I called bottom using TA, I'm calling TOP next using TA!If we close above 0.63 to negate Hidden Bearish Divergence, I expect bottom to be in. If not, RED BOX will get hit again!… pic.twitter.com/LTN84hjTbx
— JD (@jaydee_757) October 17, 2024
Typically, such patterns indicate that the asset is gathering momentum for a significant breakout, either upwards or downwards. Besides, the symmetrical triangle has contained XRP’s movements, with the token recently trading around $0.53819.
For a bullish breakout to occur, XRP’s price needs to close above the $0.63 resistance level. Conversely, a failure to break through could see the price revisiting lower support levels within the triangle.
Hidden Bearish Divergence Raises Concerns
A key realization from Jaydee_757’s analysis is the existence of a hidden bearish divergence. This happens when the Stochastic RSI, in this case, creates higher highs while the price forms lower highs. Such a difference indicates that the recent upward momentum could be losing steam.
The chart indicates that this divergence could exert downward pressure on XRP if not invalidated. Should XRP fail to close above the $0.63 level, it might trigger a move toward the lower red-box support zone, ranging between $0.43 and $0.28.
Critical Support and Resistance Levels to Watch
Jaydee_757 emphasized that the $0.63 price point remains a crucial resistance level. A close above this would invalidate the bearish pattern, suggesting the possibility of a bullish continuation. However, if XRP cannot break this resistance, traders should be prepared for a pullback.
The support zone, highlighted between $0.42940 and $0.28463, is vital. Should the bearish trend continue, this area could act as a potential accumulation zone for buyers looking to enter at lower levels. This range has historically provided support, reinforcing its importance in the current analysis.
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Expert’s Technical Take Amid Market Noise
In his tweet, Jaydee_757 pointed out that while many influencers react to external market events, such as SEC-related news, technical analysis provides a clearer view of XRP’s future.
The analyst reaffirmed confidence in the technical indicators, suggesting that the same TA used to predict the bottom would now be applied to identify the top.
According to the tweet, closing above $0.63 would invalidate the hidden bearish divergence, hinting at the bottom already being in. On the other hand, failing to close above this key level would likely see XRP revisiting the red-box support zone.
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The post Expert Analysis: Is This the XRP Price Top? appeared first on CaptainAltcoin.
