XRP Price Enters Final Capitulation Phase, This is When it May Hit an ATH Above $4

XRP

The bulls are slowly turning in favour of XRP as the asset has been withstanding huge bearish pressure for quite a long time. The asset is among the cryptos which failed to mark a new high during the recent rally and hence the market sentiments are expected to coil up in the favour of the asset shortly. 

Looking at the long term, weekly chart, XRP price is moving down again to test an important trend line for the first time in the last 4 years. Previously, the price tested these levels and climbed higher with a rally to mark a high above $3.5. Now, when a similar price action is expected, a rebound could propel the price above $4 to mark a new high.

It has to be noticed that the XRP price had dropped to the lowest FIB levels at 0, and after a brief consolidation, the prices rose remarkably. However, similar price movements have been noticed as the price is again heading towards the lower FIB levels. Therefore, following a bearish trend, the XRP price is expected to drop hard and reach the trend line, somewhere in the first few days of 2023.

Interestingly, this coincides with the date of the final decision in the Ripple vs. SEC case, which could spur a significant uptick. Furthermore, if the decision comes in favor of Ripple, it could increase the chances of XRP being re-listed on US-based exchanges, which in turn could positively affect the XRP price.

However, after reaching the highs, the price is primed to witness a major dump that could engulf more than 80% of the profit gained, pushing the asset into a deep and extended bearish well.

admin

Read Previous

Mark Cuban Says FTX Implosion Isn’t Crypto Blowup — Explains Why He Invests in Crypto

Read Next

Cryptopunks Climb Past Bored Ape NFT Floor Values Amid Crypto Market Carnage

Leave a Reply

Your email address will not be published. Required fields are marked *

Right Menu Icon