Crypto analyst Crypto Paradise warns of a potential XRP price crash to $1.6 due to bearish patterns, while contrasting views from other analysts suggest a bullish breakout could drive prices up towards $2.90.
A prominent crypto analyst, known as Crypto Paradise, has dampened bullish sentiments surrounding XRP’s price in the near future. His recent forecast suggests that XRP may plummet to a critical support level of $1.6, amid concerns that a bearish trap is currently unfolding. This scenario indicates that a price correction may occur before a potential bullish reversal.
In a post on TradingView, Paradise pointed out frightening signs for XRP, particularly highlighting the appearance of a rising wedge pattern. Such formations typically signal an increased chance of a downward move. When examining the overall market structure, he noted that XRP’s recent price increases likely represent a retracement within a broader bearish trend, suggesting a decline remains highly probable.
Additionally, he mentioned that if XRP were to bounce and subsequently exhibit bearish patterns from the resistance zone between $2.4 and $2.5, this could create an attractive opportunity for shorting. However, this bearish outlook would effectively become invalid if XRP breaks above that resistance area and holds a closing candle.
In the event of a breakout, Paradise advises caution. He recommends waiting for a more definitive setup before initiating new trades, emphasizing discipline and patience in the market. He cautioned traders against making hasty decisions driven by emotion, urging them to adhere to their trading strategy.
On the other side of the coin, crypto analyst Ali Martinez offered a more optimistic perspective on XRP’s future. He believes the altcoin is poised to break out of an inverse head and shoulders pattern, potentially reaching targets between $2.70 and $2.90. Such an upward move could set the stage for XRP to achieve new all-time highs.
Another analyst, Joe, echoed Martinez’s bullish sentiment, noting a confirmed breakout from the inverse head and shoulders pattern amid emerging bullish wedge formations on the charts. With key resistance levels shifting to support and a higher low being established, Joe sees increased momentum for XRP to make significant upward moves.
As of the latest data, XRP is trading at approximately $2.28, reflecting a decline over the last day. Crypto enthusiasts remain on alert as mixed analyses present starkly different potential outcomes for the cryptocurrency.
