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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Analyst Shatters XRP Price Bullishness, Predicts Massive Crash To This Support Level

Scott Matherson
Scott Matherson
2 months ago
3 mins read
XRP

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Crypto analyst Crypto Paradise has shattered hopes of an upward trend for the XRP price in the short term. This came following his prediction that the altcoin could witness a massive crash to a major support level. 

Analyst Predicts XRP Price Crash To $1.6

In a TradingView post, Crypto Paradise predicted that the XRP price could crash to the support level at $1.6. This came as he suggested that a huge bearish trap could be unfolding right now for XRP. This means that the altcoin will simply correct to shake out the bears and then witness a bullish reversal. 

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XRP

Crypto Analyst Shatters XRP Price Bullishness, Predicts Massive Crash To This Support Level

2 months ago

However, in the short term, the analyst warned that the XRP price is flashing serious warning signs. He highlighted the formation of a rising wedge pattern, which increases the probability of a bearish move. Crypto Paradise also noted that while analyzing the broader market structure, the recent upward trend looks to be a retracement within the larger bearish trend. As such, the probability of a decline being imminent is still very high. 

XRP
Source: Crypto Paradise on Tradingview

He claimed that if the XRP price bounces, grabs liquidity, and starts forming clear bearish patterns from the resistance area between $2.4 and $2.5, it could set up an excellent opportunity with a high risk-to-reward (RR) ratio for shorts. However, this bearish thesis will be invalidated if the price breaks out and closes a candle clearly above the resistance zone. 

If that happens, Crypto Paradise believes it would be much smarter to stay patient and wait for a more reliable XRP price action setup before considering new trades. The analyst also urged market participants to stay disciplined, patient, and smart. He added that it is best to stick to the plan and never rush decisions under emotional pressure. 

A Bullish Prediction For The Altcoin

In an X post, crypto analyst Ali Martinez provided a bullish outlook for the XRP price. He stated that the altcoin looks to be breaking out of an inverse head and shoulders pattern, with a potential upside target between $2.70 and $2.90. A rally to this $2.90 target could pave the way for another rally to a new ATH for the altcoin. 

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Here’s What Happens If The XRP Price Closes Out This Week Above $2.25

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Crypto analyst Joe also asserted that the XRP price looks bullish. He noted that the inverse Head and Shoulders breakout has been confirmed, while a bullish wedge breakout is evident on the charts. Key resistance has also flipped to support, and a higher low has formed. In line with this, the analyst remarked that momentum is building for a strong move up. 

At the time of writing, the XRP price is trading at around $2.28, down in the last 24 hours, according to data from CoinMarketCap.

XRP
XRP trading at $2.28 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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