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Is XRP Headed to $1.50? See What Just Happened
The cryptocurrency market has been characterized by heightened volatility in recent times, and the latest developments in the Ripple (XRP) space have only added fuel to the fire. As a result of this market turmoil, some analysts are now projecting a potential decline for XRP, with one prominent expert suggesting that the asset may head towards $1.50.
Market analyst Nebraskangooner has issued a cautionary outlook on XRP, highlighting the token’s inability to confirm a breakout from a long-standing technical pattern as a key factor in this bearish scenario. This analysis is centered around a descending triangle visible on the weekly chart, which indicates that XRP approached the upper boundary of the formation in late October but failed to secure upward continuation.
The significance of this breakdown cannot be overstated, as it has resulted in XRP’s decline below the triangle’s lower support zone near $2.20. This shift in structure has sparked concerns about a potential 30% slide from the current trading price of around $2.09.
Furthermore, changes in investor sentiment may also play a crucial role in determining XRP’s short-term trajectory. Recent data from Glassnode suggests that long-term holders have gradually become more cautious, abandoning their optimism and adopting a more risk-averse approach. This shift is reflected in the net unrealized profit/loss (NUPL) metric for these investors, which indicates an increasing uncertainty about the future direction of the market.
In light of this information, it appears that XRP may be susceptible to further downward pressure unless buyers are able to reclaim lost ground.
Source: timestabloid.com
