Crypto Analyst Identifies XRP Bear Flag To Trigger A Massive Crash To $0.07
January 08 2024 - 6:00PM
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XRP, like the rest of the crypto market, is seeing an active
retrace that has sent prices back toward levels not seen since last
year. As anticipation around a potential Bitcoin Spot ETF approval
builds up for this week, expectations are that this retrace will be
short-lived. However, not everyone is bullish on a potential
recovery as one crypto analyst expects the price of the altcoin to
see a massive crash going forward. XRP Massive Bear Flag Appears
Crypto analyst Bitgolder took to TradingView to share an extremely
bearish analysis of the XRP price. This analysis identifies the
presence of a bear flag, one of the worst ones seen in the
altcoin’s chart in recent times. Related Reading: 3 Under The Radar
Altcoins Expected To Hit $100 Before The Bitcoin Halving As
Bitgolder explains, the XRP price chart looks very bad, leading to
the obvious bear flag. Some of the reasons for the formation of
this bear flag are the fact that there has been a volume drop over
the last week, as well as a decline in interest from investors as
the altcoin has failed to live up to expectations following Judge
Analisa Torres’s ruling that programmatic XRP sales do not qualify
as securities. The crypto analyst explained that the recent price
bounce that the coin’s price saw over the last few weeks was in
fact not bullish. Rather, it “was just an extended bounce for wave
B of this correction from XRP top.” The analyst is also convinced
of the weakness being exhibited by XRP, especially given the fact
that the altcoin has failed to make a new all-time high in the last
bull market while other coins were rallying. Bitgolder warns
investors of a slow bleed that is coming for the XRP price despite
how bullish the community seems to be. “It’s going to take a while
to bleed out because of how many bag holders there are and how much
silly YouTubers keep pumping this thing,” Bitgolder warned. “It’s
unfortunate that many are going to lose their shirts on this
thing.” Token price struggles below $0.6 | Source: XRPUSD on
Tradingview.com Price Crash To ‘Single Digit Pennies’ Following the
slow bleed-out predicted by Bitgolder, the analyst also expects a
further dump that will take the price even lower, even down into
the single-digit pennies. The chart shared in the analysis shows an
initial decline to $0.39. But then a further dump puts the XRP
price as low as $0.07. Source: Tradingview.com The reason behind
this dump, according to the analyst, will be the fact that the
United States Securities and Exchange Commission (SEC) will
eventually win out over Ripple in court. Bitgolder believes that
XRP will eventually be considered an unregistered security. Either
that or the US SEC will file another lawsuit against the crypto
firm, which will lead to investors eventually losing faith and
dumping their coins. I used to think that maybe XRP could do some
amazing things but after doing more research and looking into on
chain metrics I am now convinced this was the biggest pump and dump
in history. Related Reading: Crypto Analyst Predicts 100% Surge For
Shiba Inu, But There’s A Roadblock However, the analyst also points
out that it may not be a straight dump as XRP could still shoot
back up to the $0.7 territory once more, which is the top of the
bear flag. But Bitgolder refers to this surge as a takeout that
would see the rug pulled from under investors once more. “It is
hitting some really strong resistance right now so I’m not sure if
it can actually break through this,” the analyst concluded. Follow
Best Owie on X (formerly Twitter) for market insights, updates, and
the occasional funny tweet… Featured image from Siam Blockchain,
chart from TradingView.com
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