The price of XRP continues to hover around the $0.6 threshold, leaving investors on edge as they await a potential breakout in the coming weeks. Recently, a shift in perspective has emerged, fueled by a renowned cryptocurrency analyst who suggests that XRP might be closer to a significant breakdown rather than a breakout.
“The breakdown will be violent,” the analyst mentions.
This statement naturally heightens caution among traders, especially those who have been optimistic about XRP’s future price trajectory. However, the analysis is not entirely straightforward. A closer examination of the XRP/USD chart shared by the analyst reveals potential wordplay, hinting at sarcasm towards those still bearish on XRP.
Current State of the XRP Price
At present, most cryptocurrency analysts maintain a bullish stance on XRP, particularly given the recent surge in cryptocurrencies and the positive fundamentals of the broader crypto market. Although concerns remain regarding an appeal by the SEC, it can be argued that XRP has largely overcome the constraints imposed by the multi-year lawsuit between the regulator and Ripple, the company behind XRP.
Despite this newfound freedom and the predominantly bullish consensus among investors, XRP has struggled to sustain a rally that meets expectations. While occasional rallies have occurred, they have often been thwarted at key resistance points around the $0.60 and $0.70 price levels. Notably, the latest XRP analysis from crypto analyst Jackis (@i_am_jackis) aligns with this resistance and bearish outlook.
Analyst Predicts XRP at Risk of Major Crash
Jackis’ accompanying XRP price chart highlights a series of lower highs and higher lows, with a critical lower trendline acting as a key support level for the cryptocurrency. According to his analysis, XRP is presently testing this support, and he believes there is an increasing likelihood of XRP breaking below this trendline, leading to a bearish move in the near term.
However, upon closer inspection, it was found that Jackis’ chart, which was initially interpreted as signaling weakness and potential breakdown, was actually inverted. This inversion reveals a completely different narrative, suggesting a bullish setup instead.
Jackis’ analysis, when viewed correctly, indicates that XRP is on the verge of breaking out of a resistance trendline rather than a support line. His projections suggest that once XRP breaks through this resistance, it could embark on a rally, pushing the price up to $1.05, representing an 81% increase from the current price.
As of the time of writing, the XRP price is trading at $0.586.
