The post This is when the XRP price will break down, Analyst Maps Next Levels appeared first on Coinpedia Fintech News
XRP price has recovered from its multi-week downtrend line, reducing the chances of a continuation of the four-week relief rally. Down 4.2 percent over the past seven days, the XRP price traded around $0.397653 during early Asian trading on Monday.
Analysts are more bearish on the XRP market in the coming weeks, with a short-term price target of $0.369. Furthermore, its price has a strong support level around $0.32, where the asset can rally to retest the weekly downtrend again.
XRP Price Action and Market Outlook
According to pseudonymous XRP trader Dark Defender, a pullback to the $0.36 area before a breakout is imminent in the coming weeks. A falling thesis is supported by the fact that the 50 and 200 SMAs have crossed over and become a trend resistance. Popularly known as the cross of death, the XRP bulls will have a tough time in the coming days.
“XRP is struggling to break $0.42. If this lasts for 4 more days until February 9, we can wait for our last wave C corrective towards $0.3602. This structure is also similar to the one we had in mid-Aug ’22. I’m still waiting for the breakout in March”, Dark Defender noted.
The price breakdown of XRP in the coming months is highly dependent on the ongoing Ripple vs SEC lawsuit. With increasing uncertainty about the case due to past crypto events (FTX implosion and LBRY loss), the XRP price may remain choppy for a long time.
Nonetheless, Ripple’s legal team is optimistic that the company will win the case as the SEC has made weak arguments and has nothing solid in its favor.
#XRPCommunity #XRP @s_alderoty hits the nail on the head. https://t.co/4Gm6LUrrZH
— James K. Filan 126k (beware of impostors) (@FilanLaw) February 5, 2023
This post This Is When XRP Price Will Break Out, Analyst Maps Next Levels
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