- An analyst from Cheeky Crypto predicted that XRP’s price may drop to between $0.47828 and $0.48303 soon.
- The analyst also warned that XRP could drop to $0.30-$0.3039 as a death cross may occur in the coming week.
- At press time, XRP was changing hands at $0.4933 after dropping 0.552%.
An analyst from the cryptocurrency trading and analysis channel, Cheeky Crypto, predicted that the price of Ripple (XRP) may continue to fall in the coming few weeks. In the video, the analyst shared that his downside target for XRP’s price is between $0.47828 and $0.48303.
Notably, the 50-day SMA line was attempting to cross below the 200-day EMA line. If these two lines cross, it will trigger a significant bearish technical flag, known as a death cross. Subsequently, the analyst warned that investors and traders may react negatively to the technical flag — forcing XRP’s price down even more in the medium term.
If this bearish thesis is validated, the Cheeky Crypto analyst anticipates that XRP’s price may drop to between $0.3517 and $0.3927. Thereafter, he believes the altcoin’s price may bounce before a final move down to between $0.30 – $0.3039.
Daily chart for XRP/USDT (Source: TradingView)
However, the analyst’s outlook was not all doom and gloom, as he predicted that XRP may soar to as high as $0.66 – $0.70 following this downward move. He did, however, note that it may take a few months for XRP’s price to reach this range.
Furthermore, the analyst stated that XRP rising above $0.675 will invalidate the bearish thesis. Nevertheless, traders and investors will want to take note of the fact that trading volumes for XRP have been very low over the past few days. According to the analyst, this adds credence to the bearish thesis as there is not enough buy support to prevent XRP from dropping.
Meanwhile, CoinMarketCap indicated that the remittance token’s price stood at $0.4933 at press time. This was after the altcoin suffered a 24-hour loss of 0.52%. Despite this negative daily performance, XRP’s price was still up 1.89% over the past 7 days.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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