Analyst’ predicts XRP will soon be trading between $5 and $12 price levels.
In the short term, the altcoin has turned bearish with indicators indicating lower prices.
The 50 SMA dipped below the 200 EMA on the hourly chart, creating a ‘death cross.’
In the past 48 hours, XRP has experienced significant volatility with substantial liquidity extraction through what appears to be orchestrated pumps and dumps, catching some traders off guard, highlighted analyst and YouTuber “Cheeky Crypto” in a video.
The one-hour chart for XRP reveals significant price fluctuations and between Sunday at 22:00 UTC and Monday 11:00 UTC, XRP climbed by approximately 6.29%, only to reverse course with a sharp 4.21% drop shortly after. This erratic movement has led to a rapid depletion of long positions, followed by a similar impact on short positions as the price rebounded, pointed out Cheeky Crypto in the video.
On the hourly chart, XRP is currently facing resistance at the convergence of the 200-hour EMA, 50-hour EMA, and 50-hour SMA. A “death cross,” where the 50 SMA dipped below the 200 EMA, occurred early Monday morning, triggering further downward pressure.
However, according to the analyst, despite these fluctuations, the price action has yet to break through key support and resistance levels, which lie between $0.557 and $0.579 on the lower and upper ends, respectively.
According to the analyst, $5.59 and $11.25 are the long-term price levels that the XRP price action could touch following the conclusion of the case with the United States Securities and Exchange Commission (SEC). Cheeky Crypto believes that with the case coming to an end, the weekly chart shows that investors are accumulating XRP tokens at a faster rate.
Notably, there is a strong chance that XRP will trade between $5 and $12 in the near future as the SEC case is gradually coming in Ripple’s favor. On the other hand, in the short term, investors should look out for higher highs and lower lows before timing their investments.
According to the data from CoinMarketCap, XRP is currently trading at $0.5695 with around 1% decline in the past 24 hours. The altcoin has a market capitalization of nearly $32 billion, making it the eighth-largest cryptocurrency. Notably, it remains 85.18% below its all-time high of $3.84 reached in January 2018.
The post XRP is Gearing for a Move Towards $5: Analyst Says appeared first on Coin Edition.
