XRP price is hanging on a thread at a crucial support level after dropping by almost 40% from its highest level this year. While Ripple risks a big drop if it loses this support, one contrarian analyst believes that it could stage a “massive explosion” and possibly hit its all-time high in the coming months.
Crypto Analyst Sees XRP Price Having a Massive Explosion
Analysts are still bullish on the Ripple price as it remains in a steep local bear market. In an X post, Coinvo, who describes himself as a Bitcoin investor and trader, predicted that it was now in an accumulation phase that could lead to a strong bullish breakout in the longer term.
He cited a weekly chart showing that the XRP price was hovering above a crucial support level. The support, $1.9780, was the highest swing in 2021, when Bitcoin and most altcoins soared. As such, he believes that this could be a break-and-retest pattern, a popular continuation sign.
If his Ripple price forecast happens, it means that the XRP price will soar by 65% and retest the year-to-date high of $3.4.
Another pundit with over 232k followers on X, used a daily chart and predicted that the XRP price may 5x-10x from the current level. He believes that the next leg up could happen post a breakout of this consolidation. If his forecast is correct, it means that the XRP coin could surge to over $10.
Ripple Price Needs to Hold the Support at $1.9780
The daily chart paints a mixed picture of the XRP price. On the positive side, the accumulation and distribution indicator has continued rising and is hovering at its all-time high, signaling a potential rebound.
Also, the coin has remained above the 200-day Exponential Moving Average (EMA), meaning that bulls are in control for now. Most importantly, it is above the crucial support at $1.9780, where it has failed to move below several times since November last year.
The risk, however, is that this support level is the neckline of the head and shoulders pattern. In this case, the head is at $3.5, while the shoulders are at $3.0. The neckline also coincides with the 50% Fibonacci Retracement level.
Therefore, bullish investors need to ensure that the XRP remains above this support, and invalidates the H&S pattern by moving above the shoulders at $3. A crash below that level could point to further declines, potentially to the 61.8% retracement point at $1.50.
The post XRP Price to Have a “Massive Explosion” as Accumulation Continues appeared first on CoinGape.
