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Analyst Predicts When Current XRP Price Pullback Will End
The current correction in the price of Ripple’s XRP may be nearing its end, according to a recent forecast by crypto analyst Dr. Cat.
According to the analysis, the pullback is expected to conclude between August 2 and August 4, with a critical support level at $2.78 on the 3-day chart serving as a potential turnaround point.
The prediction is based on an Ichimoku Cloud analysis, which combines price, time, and momentum indicators to forecast trends. The chart reveals key confluences that suggest XRP is entering the final phase of its short-term downturn and could soon resume its upward movement.
As of the report’s release time, XRP was trading at $2.89, having bounced slightly after dipping as low as $2.80. This level is mere cents away from the projected support zone, adding further credibility to Dr. Cat’s forecast.
The correction in XRP began in July, following a local peak that followed a notable rally from under $2.00. Despite this pullback, the price remains above the Ichimoku Cloud on higher timeframes, indicating that the broader bullish trend is still intact.
It is crucial for traders to note that XRP’s current correction does not necessarily mean the end of its upward movement. The broader market trends suggest a potential reversal point at $2.78-$2.80, and this should be monitored closely by investors and analysts alike.
In the event the forecast materializes, it could signal the final buying opportunity before the next leg higher begins.
Source: timestabloid.com
