The crypto market seems to recover its recent price losses, and there are more optimistic predicitons popping up all over the place. The latest one involves XRP, and you can check out more details about it below.
At the moment of writing this article, XRP is trading in the green, and the coin is priced at $0.7696.
It’s been just revealed that an important crypto analyst says that XRP will explode once the lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission concludes. He noted that, on the other hand, more downside is possible before then.
XRP’s technicals suggest more bearish action
During an interview with Thinking Crypto, the pseudonymous analyst known as Credible Crypto said XRP’s technicals are currently suggesting more bearish action.
“XRP is one that doesn’t look that great right now… I think that we’re probably going to go for these lows here ($0.50) and push into… this weekly level of demand that we have here. Again, this level is significant because from this level we saw a major move to the upside after what was essentially about six months of consolidation.”
The analyst continued and explained the following:
“So the origin of the point at which this consolidation starts to break whether that be the upside or the downside, typically then acts as support or resistance when it’s revisited.”
He explained that from a high timeframe perspective, “you can expect that this region in general, and the tighter we get here, this general region is going to act as support as we’ve seen it act in the past.”
You should check out the original article posted by the Daily Hodl in order to learn what more he had to say about the matter.
The crypto market is looking better right now, and the overall sentiment is getting more and more optimistic these days.
