The cryptocurrency XRP has been a hot topic on social media, with many expecting its price to surge further. This anticipation is fueled by the impending conclusion of the legal battle between Ripple and the Securities and Exchange Commission (SEC) and the potential rise in Bitcoin's price. However, crypto analyst Xanrox has shared a contrarian view on TradingView, predicting a significant downturn in XRP's price.
According to Xanrox, XRP's price surged by approximately 600% in 2024 but has since lost momentum and may be heading towards a bearish trend. The analyst notes that XRP's price has been confined within a specific range for an extended period and, despite recent price increases, the trend remains unchanged. XRP's price has been stuck in an ascending triangle since 2017, which, in the current context, is a bearish signal.
Xanrox highlights that the sudden price increase has created a "Fair Value Gap" (FVG), which typically gets filled through price decreases, and this decrease is expected to be on the downside. The analyst also points out XRP's historical price volatility and the tendency of traders to seek liquidity, indicating that bears have dominated the cryptocurrency.
Xanrox believes XRP has reached its peak, and investors should consider closing their positions. He predicts the price will drop from $2.1 to $0.6, representing a 72% decrease, which is the same level from where the major rally began in 2024. Investors who bought in before the rally should secure their profits, while those who joined later should consider exiting, even at a loss.
Futures traders are advised to close their positions and potentially take short positions to profit from the expected downturn. Overall, this analysis serves as a cautionary message for investors to reassess their strategies in anticipation of a potential significant price drop.#TrumpTariffs #DayTradingStrategy #MuskAmericaParty #HODLTradingStrategy #Xrp🔥🔥
