Amid the recent market downturn caused by the legal actions against leading cryptocurrency exchanges Binance and Coinbase, there is a glimmer of hope for XRP. A well-known technical analyst believes that XRP is showing signs of a bullish pattern amid the prevailing bearish sentiment. The upcoming release of certain emails could have a significant impact on XRP and the broader crypto space, potentially impacting the SEC’s cases against various crypto companies.
Cheeky Crypto suggests in a new YouTube video that XRP may have to fall further before the next upward move takes place. Support levels are identified around $49.95 to $50.42, with expectations of a rally towards the previous high of around $54.94.
Nevertheless, the analyst believes that XRP is in an interesting state and predicts a breakout from the current bearish phase to a more bullish phase. However, he expects a downward move before the breakout due to a continuation pattern. The analyst emphasizes the importance of the upcoming public release of certain emails, which could impact XRP’s price action.
Also read: Kevin O’Leary calls cryptocurrencies ‘radioactive waste’ due to lingering uncertainties
Based on the analyst’s technical analysis, XRP’s future trajectory appears to be influenced by both Elliott Wave Theory and Smart Money Concepts. Although the irregular flat correction pattern is currently favored, it is essential to monitor XRP price action and market developments for confirmation.
Another analyst, EGRAG also warned investors and told them to stay alert. He wrote on Twitter:
“I think it is important to remain alert and aware of the possibility of a downturn in the market. We must always be alert to unexpected events or fake-outs that could affect our investments. In my opinion, the Ultimate Shake Out could potentially retest the June lows, with the possibility of some minor swings below that level. Therefore, it is crucial to remain vigilant and keep a close eye on market movements.”