According to crypto analyst Chris McCrypto, XRP may retest the $0.45 level if Bitcoin’s price drops to about $57k. McCrypto claims that the technical indications on XRP’s chart are pointing to a short-term bearish outlook.
Since 2021, XRP has been trading in a symmetrical triangle pattern; its price swings between convergent trendlines. While the bottom support level rests about $0.45, the top resistance line floats close to $0.70.
In addition, this pattern usually denotes a consolidation phase preceding a breakout. Furthermore, XRP may make a move to the upside or fall when it gets closer to the peak.
$XRP Stoch RSI is cooling off on the weekly as expected. Bearish cross on the RSI and MACD looks like it will turn bearish soon (short term). Little further to go and if BTC falls to around $57k this could definitely push $XRP price to the bottom of the triangle again around… https://t.co/YFnXhVk2FL pic.twitter.com/2a4emZMdLB
— Chris McCrypto (@ChrisMcCrypto) October 10, 2024
Chris McCrypto’s chart analysis suggests that XRP may experience short-term weakness due to ongoing bearish signals from key technical indicators. The Stochastic RSI on the weekly timeframe is cooling off, pointing to reduced momentum.
Additionally, a bearish crossover is forming on the RSI, indicating that further downside pressure may occur before any bullish move can begin.
Potential Impact of Bitcoin’s Decline
In his tweet, McCrypto highlighted the potential influence of Bitcoin’s price movement on XRP. He noted that if Bitcoin falls to around $57k, it could drive XRP down to the $0.45 level, which aligns with the bottom support of the symmetrical triangle.
Such a dip, while concerning for short-term traders, may also present a buying opportunity for those anticipating a bullish reversal in the long term.
The MACD indicator is also approaching a bearish crossover, reinforcing the likelihood of a price correction soon. However, McCrypto’s analysis suggests that this could be the final dip before XRP has substantial upward momentum, potentially breaking out of the triangle pattern.
Celebrate Dogecoin and Make Big Gains with Doge2014!
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Show less –
Read also: MANTRA (OM) Price Pumps, Among Top Crypto Gainers
Traders Watch Key Support and Resistance Levels
Monitoring the key support and resistance levels will be very important as XRP’s price moves within the symmetric triangle. While a breakout over $0.70 may indicate the start of a new bullish trend, a movement below the $0.45 support could cause more dips.
For now, waiting for Bitcoin’s next action to validate XRP’s price trend will be worthy.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post Bitcoin Drop May Trigger XRP Price Retest of $0.45, Crypto Analyst Warns appeared first on CaptainAltcoin.
