Ripple’s XRP has been experiencing a turbulent period, with its value dropping by 7% over the past two weeks.
The cryptocurrency fell to a local low of around $0.50 but has since recovered slightly, currently trading at $0.54
This recent volatility has sparked conversations in the crypto community.
Some experts believe that the fear, uncertainty, and doubt (FUD) surrounding XRP might be part of a larger strategy to influence market sentiment.
Regular investors from buying XRP at lower prices, allowing these powerful entities to buy more XRP at a discount.
Despite the FUD we are hopeful about XRP’s future.
We points out a bullish technical formation on the daily chart, suggesting that an inverted Head and Shoulders pattern might be forming.
This pattern indicates a potential trend reversal if XRP closes above the neckline around $0.65.
Upholding the 200 EMA level over weekly chart..
If it breaks down the moving average more downfall we could see.
With XRP currently at $0.54, a successful breakout above this level could trigger a significant rally, potentially driving the price up to $1.11—a 106.31% increase from current levels.
Analysts believe ongoing FUD could be aimed at manipulating XRP prices lower
