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Analyst Says It Is All Noise for XRP Until One of These Two Things Happens
According to recent analysis from Egrag, it seems that the current market noise surrounding XRP is simply just that – noise. The seasoned speculator suggests that the cryptocurrency will continue to trend within its current range until one of two crucial levels is breached.
Egrag’s chart indicates a micro-range formation between $2 and $2.9, emphasizing that any fluctuations within this scope are mere noise. It isn’t until XRP breaks either the upper or lower boundary that we can expect significant price action.
Furthermore, the analyst warns that if XRP loses its current support level of $2, it could potentially target much lower prices such as $1.64 and $1.3700, as Dom suggests. On the other hand, a push past $2.65 would likely lead to a bullish breakout, catapulting XRP towards $3 and possibly even $5, in line with some market expectations.
While these predictions have significant implications for the future of XRP’s price action, it seems that Gordon’s recent tweet has further amplified the conversation around XRP’s potential for growth. The analyst tweeted that XRP is currently forming a symmetrical triangle on its 12-hour chart, which could potentially result in a breakout to new all-time highs.
At the time of writing, XRP trades at $2.1706, having fallen by approximately 6% over the past 24 hours.
Disclaimer: This content should not be considered financial advice. It is essential for readers to conduct their own research and consult with experts before making any investment decisions.
Source: thecryptobasic.com
