Time To Sell XRP? Price Completes Head And Shoulder Pattern, Suggesting Crash To $2.2 Is Imminent
17 December 2024 - 4:30AM
NEWSBTC
Crypto analyst TradinSides has suggested that it might be time for
investors to start closing their XRP long positions. This came as
the analyst revealed a bearish pattern, which showed that the XRP
price could witness a significant crash. XRP Price Could
Crash As Head And Shoulder Pattern Forms In a TradingView post,
TradinSides predicted that XRP could crash as the price could form
the Head and Shoulders pattern, driving the crypto to $2.2 or
below. The analyst stated that this price correction could happen
if some bullish fundamentals don’t happen for the altcoin as
expected. The fundamentals that TradinSides cited include the RLUSD
stablecoin and the upcoming XRP ETFs. Related Reading:
Extremely Bullish 88-Day Structure Appears On Bitcoin Price Chart
After Hitting $105,000 ATH While these fundamentals present a
bullish outlook for the XRP price, the crypto analyst stated that
XRP still stands under heavy selling pressure due to the SEC’s
decision to appeal the Ripple case ruling, which is impacting
demand and market sentiment. TradinSides alluded to SEC
Commissioner Caroline Crenshaw’s reappointment and how it could
ultimately impact the Ripple case and the XRP price. The
analyst noted that Crenshaw’s reappointment is set for December 18.
However, if Crenshaw’s renomination fails, Donald Trump could
nominate a new Commissioner. Crenshaw’s renomination is significant
as the SEC must file its opening brief in the appeal case on
January 15. If she is reappointed, she could vote in favor of
the Commission filing its opening brief since she has been known to
take an anti-crypto stance on several occasions. The crypto analyst
believes the altcoin could face selling pressure if the SEC pursues
the appeal. On the other hand, if the SEC withdraws its
appeal, TradinSides predicts that the Commission could also
withdraw its appeal. This would lead the agency to approve the
pending XRP ETF applications, which could drive demand up. If this
doesn’t happen, the crypto analyst predicts that the Head and
Shoulders pattern could drive the XRP price to $2.2. The State Of
Things In an X post, crypto analyst Dark Defender provided an
update on the current XRP price action. He stated that the 4-hour
time frame confirms the break for XRP. The analyst added that the
daily time frame will be confirmed above $2.52. Once XRP breaks
above that level, Dark Defender predicts that the altcoin will then
rally to $2.72. Related Reading: Dogecoin Fails To Follow
Bitcoin’s Recent Uptick: Is A New ATH Still Feasible This Cycle?
The crypto analyst also highlighted crucial targets to watch out
for. He stated that $5.85 and $8.76 are short-term targets.
Meanwhile, he mentioned that $2.29, $2.24, $2.10, and $2.02 are
support levels to watch out for. Dark Defender has before now
predicted that the XRP price would eventually reach $18 in this
market cycle. At the time of writing, the XRP price is
trading at around $2.41, up in the last 24 hours, according to data
from CoinMarketCap. Featured image created with Dall.E, chart
from Tradingview.com
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