#bitcoin , the dominant digital asset in terms of market capitalization and acceptance, has recently exhibited noteworthy fluctuations in its price chart, prompting conjecture and prognostications over its future direction. 
The individual recognised as Mags on the X platform, previously referred to as Twitter, and acknowledged for their expertise in cryptocurrency trading, has lately presented an analysis about Bitcoin. This analysis posits a notable impending increase in the price of Bitcoin.
Mags asserts that the attainment of a $70,000 valuation for Bitcoin is a plausible outcome. The basis for his deduction arises from the observation of an inverted 'Head and Shoulders' pattern on the price chart of Bitcoin. Significantly, this instrument serves as a predictive mechanism within the field of technical analysis, offering insights into probable price reversals by analysing past moves.
Mags emphasised that the present price of Bitcoin is situated at the "neckline" of the aforementioned pattern. If the observed pattern persists and Bitcoin surpasses the neckline level, it may serve as a positive indicator for the primary cryptocurrency.
Diverse Responses Within the Community
Sergey Stolyarov, a user on X platform, conveyed a sense of doubt regarding the perceived importance of the mentioned pattern. According to Stolyarov, the observed pattern cannot be classified as a 'Head and Shoulders' due to its structure and structural characteristics.
Stolyarov also asserted that these formations exhibit a pervasive presence in volatile markets, since they can be identified across many timeframes and sections of the Bitcoin chart.
A other user expressed a critique of Mag's analysis of Bitcoin's price chart, highlighting the presence of an authentic "Head and Shoulders" pattern on the standard chart, which forecasts a forthcoming decrease in price to 20,000. The user made an observation.
No, it is worth noting that Bitcoin exhibited a head and shoulders pattern on the non-inverted chart. However, it appears that your analysis may have been influenced by bias, since you selectively focused on a less significant head and shoulders pattern on the inverted Bitcoin chart. Additionally, the object in question has considerable dimensions and indicates a projected goal of 20,000 units in the near future.
Nevertheless, while a portion of the users aligned themselves with Mags, another faction adopted a more discerning perspective. Resham Singh, a fellow participant of the X platform, expressed admiration for Mags' analytical methodology, considering it to be highly commendable. Singh's apparent alignment with Mags' estimate suggests that the anticipated price shift would represent a significant milestone for Bitcoin.

L'analista crittografico EGRAG prevede che XRP potrebbe emulare la passata traiettoria di crescita 58x di Ethereum.

Ethereum è salito da 80,9$ a 4.700$, potrebbe seguire un precedente XRP, raggiungendo un possibile 30,2$.

Nonostante lo scetticismo all’interno della comunità XRP, le tendenze passate mostrano enormi aumenti potenziali.

Nel mondo in evoluzione delle criptovalute, XRP viene annunciato come il prossimo grande motore. Traendo spunti dalla crescita storica di Ethereum, che ha visto un aumento di 58 volte nonostante la sua quota di controversie, l'esperto di criptovaluta EGRAG prevede che XRP seguirà un percorso simile.

The post Ripple News: How Low Can XRP Price Drop This Month? appeared first on Coinpedia Fintech News

The XRP market is buzzing with predictions, and everyone has their share of versions to convince naive investors. Recently, XRP slipped beneath the $0.49 mark for the second time this month, hitting a one-month low amidst a generally bearish market and heightened selling pressure.

The air above XRP’s current state stems from its bearish trend since it surged 5.21% on Oct. 3, following the latest ruling in the Ripple case. That day, Judge Analisa Torres denied the SEC’s motion for an interlocutory appeal on aspects of the July 13 ruling they lost. 

Analyst Reviews XRP’s Bear Trapped Prices

Shedding some light into the scenario, Bill Morgan, a prominent pro-XRP lawyer, drew attention to this escalating bearish trend on Oct. 9. At that time, XRP was still holding above $0.50, but a gradual decline was evident.

Since the increase on Oct. 3, XRP has seen seven losses out of eight days, marking a decline of over 9.7%. XRP is trading at $0.4898, reflecting a 1.45% drop over the past 24 hours. The 24-hour trade volume has fallen by 29.28%, indicating reduced interest among traders.

XRP has now almost entirely lost the the gains from the recent Torres decision on the SEC’s motion for an interlocutory appeal as it previously almost entirely lost the gains from the summary judgment decision in July pic.twitter.com/Zloa3bcPMD

— bill morgan (@Belisarius2020) October 9, 2023

Understanding the XRP Decline

Since many are betting on XRP to reach a new ATH anytime soon, this bearish outlook catches everyone’s attention. So what’s pulling the 5th largest crypto asset? Firstly, a broader bearish sentiment has impacted the entire crypto market. Significant crypto assets like Bitcoin and Ethereum have suffered losses over the past week due to decreased buying pressure.

The global crypto market cap reached a two-month high on Oct. 2 and has since dropped by $70 billion, representing a 6.25% decline in just one week. These declines have had a spill-over effect, affecting assets like XRP.

Next up is the Israel-Palestine situation, which has also played a role in driving investors away from riskier assets like cryptocurrencies. Heightened tensions have led market participants to consider potential economic repercussions, prompting a move away from risk assets to hedge against potential crashes.

Finally, significant movements of funds by large holders to exchanges, including a transfer of 61 million XRP to Bitstamp, have raised concerns about further selloffs. Ripple moved 60 million XRP recently, contributing to the downward pressure on XRP’s price.

What’s Next in XRP Price? 

In the coming days, all eyes are on XRP as it teeters on a retest of the 0.45 mark, igniting excitement about a potential visit to the pivotal support at 0.41. The Ripple community braces for an exciting few weeks ahead, poised for whatever twists and turns may come its way!