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Analyst Predicts ‘Big Move’ as XRP Price Enters Key Breakout Zone
The correction sentiment in the cryptocurrency market is showing no signs of slowing down, and analysts are now predicting a massive price movement for Ripple’s native cryptocurrency, XRP. As Bitcoin teases a breakdown below critical weekly support of $92,000, mounting selling pressure has bolstered XRP to lose its $2 support as the key triangle pattern and Bollinger band squeeze hint at an imminent breakdown.
According to recent data, the XRP price is currently trading at $2.09 with an intraday gain of 0.03%. This movement comes as a result of Coingecko’s data showing the asset’s market capitalization at $120 Billion and a significant trading volume of $6.9 Billion over the past 24 hours.
A triangle pattern consolidation has been driving the current uncertainty sentiment in the XRP price, with a neutral Doji candle forming at $2.08 support. This development signals a renewed bullish momentum at the triangle support. Furthermore, the Fibonacci retracement tool indicates key pullback support levels of $2 and $1.7, which are aligned with 38.2% and 50% FIB levels.
XRP’s price is currently poised to face a major breakdown amid a Bollinger band squeeze. Renowned crypto analyst Ali Martinez highlighted this significant development on the XRP daily chart. The Bollinger Bands indicator has entered a phase of contraction, often referred to as a “squeeze.” This technical setup typically signals a period of reduced price volatility, which is commonly followed by a major price movement.
Supporting this thesis, XRP’s price action shows a consolidation between two converging trendlines, indicating the formation of a triangle pattern. Theoretically, the temporary sideways movement should support the prevailing market trend to recuperate bullish momentum for the next leap. Currently, the XRP price is 2.3% away from a breakdown below the triangle support.
The potential drop would accelerate selling pressure, potentially driving a fall to $1 and recording a 50% drop.
Source: www.cryptonewsz.com
