Home Crypto Popular Analyst Forecasts Potential $XRP Price Breakout as Crypto Market Moves Sideways

Popular Analyst Forecasts Potential $XRP Price Breakout as Crypto Market Moves Sideways

by Janine Lindsey

The XRP Ledger’s native token, $XRP, has been moving in line with most other cryptocurrencies in recent weeks, but there are indications that it could soon break out, according to a crypto analyst. CoinsKid, a popular analyst with a significant following on YouTube, recently highlighted a key technical pattern on the XRP price chart.

The analyst pointed out that a head and shoulders pattern has formed on the XRP price chart. This pattern is commonly used by technical analysts to identify potential trend reversals. It consists of three peaks, with a higher peak (the head) between two lower peaks (the shoulders). Typically, this pattern suggests a bearish reversal, indicating that the price may transition from an uptrend to a downtrend.

CoinsKid predicts that if XRP follows this pattern, its price will continue to drop towards $0.46. However, the analyst also observed an ascending triangle pattern, which is a bullish chart pattern that indicates a potential uptrend continuation. This pattern features a horizontal resistance line and a rising support line. It is considered complete when the price breaks above the resistance line with high volume. CoinsKid believes that this pattern could lead to XRP moving towards a significant resistance level.

These technical patterns come at a time when XRP investment products are seeing increased interest from institutional investors. In the past week alone, over $700,000 has been invested in XRP-focused products. This influx of capital has led to a total assets under management of $60 million for XRP investment products. In contrast, Ethereum-focused products have experienced outflows of over $115 million year-to-date, while Solana-focused products have seen inflows of $26 million.

It remains to be seen whether XRP will indeed break out of its sideways trading pattern and make significant moves in the near future. However, the presence of both bearish and bullish technical patterns on the price chart, along with institutional interest in XRP investment products, indicates that the cryptocurrency may be poised for a noteworthy price action.

Disclaimer: The information provided here does not constitute investment advice, financial advice, or any other type of advice. It is solely for informational purposes and does not constitute an offer or solicitation to purchase or sell any securities or other financial instruments.

related posts