XRP’s upward price momentum seems to be slowing down as Bitcoin (BTC) and Ether (ETH) and other top altcoins recorded a price slump. Notably, BTC lost over $1900 in value in one red candle printed on Wednesday.
The leading crypto asset which touched $31,000 on Friday saw a price retracement to $30,400 in the early hours of Wednesday and subsequently plummeted to the $28,535 level the same day. Accordingly, XRP fell by 7.76% on Wednesday, touching $0.4710 all the way up from $0.5375.
Responding to this retracement in XRP price, a top crypto analyst Jaydee urged XRP proponents to ignore every FUD and focus on the asset’s chart analysis which looks extremely bullish. Recall that Ripple, the San Francisco-based crypto solutions company and the top XRP backer excluded the asset from being used in its recently launched Liquidity Hub, stating that XRP lacks regulatory clarity.
According to the TA expert, XRP is set for another massive rally, adding that its closing price this week would give a better confirmation and entry points. But in any case, XRP is on the verge of something big as per his forecast.
He wrote, “Pay attention to the chart. XRP is on the verge of something big!! After weekly close, I’ll have better confirmation. Stop listening to irrelevant news that does nothing but REKT people and pay attention to the technical analysis.”
Pay attention to the charts.. $XRP is on the verge of something BIG!!
After weekly close, I'll have better confirmation. Stop listening to irrelavent news that does nothing but REKT people.. and pay attention to the TA 😉
Retweet/like for the #XRP chart after weekly close! 🙏
— JD 🇵🇭 (@jaydee_757) April 18, 2023
But Jaydee added that XRP could dip a bit lower before the big rally takes the stage, as indicated by the Fibonacci technical indicator. “I’m waiting on more retracements. We have hit the 0.382 fib posted on the Patreon with exact precision. Hope to fill the rest at that 0.618 and 0.786 fib levels before heading higher,” he said on Wednesday.
XRP Price Analysis
As things stand, XRP is moving in a symmetrical triangle at the time of writing, leaving investors to ponder on which trajectory the sixth-largest crypto by market cap would take in the coming days or weeks.
This chart pattern was formed following XRP’s impressive performance in the last 30 days which took its price to $0.58 on March 29. While it is uncertain which direction the asset would take after escaping the symmetrical triangle, it bears noting that most times assets break out when caught in this chart formation.
As published, Egrag Crypto, Dark Defender, and even veteran investor Peter Brandt expect XRP to rally upward and touch different highs. Notably, a positive outcome in the Ripple-SEC case would equally catalyze the expected XRP price surge.
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