XRP Price Bottom in Sight? Ripple Analyst Predicts Rebound Amid Bearish Signals
Release: 2024/09/09 04:00 Reading: 263
XRP Price Bottom in Sight? Ripple Analyst Predicts Rebound Amid Bearish Signals
Cryptocurrency analyst Steph Is Crypto has analyzed XRP's current technical indicators on YouTube. They focus on the bearish crossover of the EMA ribbons on XRP's daily chart, which is typically considered a negative signal.
However, historical data suggests that similar crossovers in the past, such as the one in August 2023, marked a bottom in the price trend, followed by a 37% recovery. The analyst speculates that the current crossover may indicate XRP's potential bottom and that a price rebound is approaching.
EMA Ribbons and Bearish Crossover
The bearish flip of the EMA ribbons is generally seen as a sign of downside pressure. However, according to Steph Is Crypto, similar crossovers in the past have marked the bottom of the price trend, followed by a recovery. The analyst suggests that XRP may foon find support and start to rise again.
Fibonacci Retracement and Key Support Levels
Fibonacci retracement analysis suggests that the $0.43-$0.45 zone is critical for XRP, aligning with the golden ratio. The analyst warns that a breakdown below this level could trigger more bearish activity, but believes a bounce at this range remains a possibility.
Long-Term Outlook and FOMC Meeting Impact
On a broader scale, XRP is still forming 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 the next phase of a bull run in the crypto market.
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