Price: $0.38537 1.1836%
Market Cap: 56.61B 1.7391%
Volume (24h): 8.03B 0.4%
Dominance: 1.7391%
Price: $0.38537 1.1836%
Market Cap: 56.61B 1.7391%
Volume (24h): 8.03B 0.4%
Dominance: 1.7391% 1.7391%
  • Price: $0.38537 1.1836%
  • Market Cap: 56.61B 1.7391%
  • Volume (24h): 8.03B 0.4%
  • Dominance: 1.7391% 1.7391%
  • Price: $0.38537 1.1836%
Home > Information news > XRP Price Bottom in Sight? Ripple Analyst Predicts Rebound Amid Bearish Signals

XRP Price Bottom in Sight? Ripple Analyst Predicts Rebound Amid Bearish Signals

Release: 2024/09/09 08:22 Reading: 425

Original author:CaptainAltcoin

Original source:https://coinmarketcap.com/community/articles/66de0365d8ce935eb791b6a7

XRP Price Bottom in Sight? Ripple Analyst Predicts Rebound Amid Bearish Signals

Analyst Steph is Crypto has provided insights into XRP's current technical signals in a YouTube video. The analyst highlights the bearish crossover of the EMA ribbons, typically considered a negative indicator on XRP's daily chart.

However, based on historical data, the analyst suggests this may indicate XRP's potential bottom and a potential price rebound.

EMA Ribbons and Bearish Crossover

Usually, the bearish flip of the EMA ribbons signals downside pressure. However, Steph is Crypto points out that similar crossovers in the past, such as the one in August 2023, marked the bottom of the price trend, followed by a 37% recovery.

The current crossover may indicate a similar pattern, with the price potentially finding support and rising again. Additionally, the analyst notes that XRP is currently following a symmetrical triangular pattern. A price surge could occur above $0.61, or a drop to $0.43-$0.44 if it falls below $0.50.

Fibonacci Retracement and Key Support Levels

Fibonacci retracement analysis suggests the $0.43-$0.45 zone is crucial for XRP, aligning with the golden ratio. The video warns that a breakdown below this level could trigger more bearish activity, but the analyst remains optimistic about a potential bounce within this range.

A substantial volume of short positions around the $0.665 level could lead to a short squeeze, driving XRP's price higher. According to Steph, this liquidity level may attract buyers and push the price towards a breakout.

The Fear and Greed Index, with a score of 29, indicates generalized fear in the market. The analyst believes this could provide opportunities for long-term investors to accumulate XRP.

Long-Term Outlook and FOMC Meeting Impact

On a broader scale, XRP continues to form a symmetrical triangle on the monthly chart, with a long-term target of $40. While this projection is based on historical data and Fibonacci projections, the analyst advises caution.

The upcoming FOMC meeting, where interest rate cuts are anticipated, could further influence XRP's price and potentially fuel a new bull run in the crypto market.

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