The price of XRP will be as follows: on the verge of a major collisionThat’s because crypto analysts have identified important technical patterns in the structure of cryptocurrencies that signal a potentially severe economic downturn. According to analysts, this formation has only appeared twice in XRP’s history, and each time it resulted in devastating losses. If this pattern repeats, cryptocurrencies could find themselves in further trouble. Analysts warn traders and investors: Stop buying XRP The reason for this is the increased risk at this time.
Analyst advises against buying XRP as price crash looms
An urgent warning from market analyst Steph is that cryptocurrencies are spreading throughout the community. give advice Traders and investors should “no longer touch XRP.” The analyst shared a video of his XRP price prediction in a recent X post, revealing that the altcoin’s long-term indicators are showing a troubling setup that could reflect the declines observed during past market cycles.
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Steph Is Crypto has this to say about her monthly research: Moving Average Convergence Divergence (MACD) As XRP reveals and hints at a new bearish crossover shape decline in momentum. Analysts said that XRP has formed a bearish crossover on the charts only twice since its inception in 2012. Both times this pattern appeared, cryptocurrencies experienced one of the most dramatic price crashes in history, losing more than half of their value in the immediate aftermath.
During the first class he explained: bearish crossover In 2019, XRP crashed by over 84%. Similarly, the second crossover re-emerged in 2022, causing a significant price drop of around 67%. It is worth highlighting every time XRP forms this. bearish signal, It was after a huge bull market.
In 2018, cryptocurrencies sparked a historic bull market, with prices Current high is above $3.84. Similarly, the sharp correction in 2022 came in the wake of an explosive impact. 2021 bull marketone of the most powerful in the history of cryptography.
As in the past, Steph Is Crypto sees another bearish crossover forming in the current cycle, suggesting that the conditions are ripe for another catastrophic price crash. He admitted that he wished he had not spotted this formation on the XRP chart, emphasizing: his usually bullish attitude About cryptocurrency. The analyst cautioned traders to take this historic setup seriously and consider the possibility of XRP revisiting significantly lower price points if this pattern plays out.
XRP price momentum remains weak
XRP is downward trendthe price is barely over $2.00. The cryptocurrency is down more than 15% so far this month, about 2.2% in the past week, and has plunged about 16% year-to-date, according to CoinMarketCap.
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XRP price momentum is weak and there are few signs of a near-term recovery. Cryptocurrency fear and greed index I slipped By 42, we are approaching the “fear” zone. this market uncertainty This has been driven by the cryptocurrency’s lackluster price movement, despite climbing above $3.00 and almost above $3.00 earlier this year. Challenge the best ever.
Featured image created by Dall.E, chart on Tradingview.com
