Krillin, a technical analyst known for using EMA/MA indicators on the Haven platform, has spotted a technical signal hinting at XRP’s future growth. However, in a surprising twist, Krillin labels XRP a scam despite his bullish technical analysis.
He wrote, “Still a scam, but might be a scam worth paying attention to soon.”
Krillin emphasizes XRP’s underperformance compared to other cryptocurrencies during the 2021 bull run where the token reached a peak of $1.96 in April 2021, significantly lower than its all-time high of $3.31 set in 2018.
Read Also: Top Analyst Predicts Massive XRP Decline With a Surprise at the End
This underperformance is widely attributed to the SEC lawsuit filed in December 2020, which alleges XRP is an unregistered security. It is important to know that the lawsuit remains unresolved, creating uncertainty for investors.
Despite his criticism of XRP’s past performance and the ongoing legal case, Krillin identifies a potentially bullish technical indicator. In a chart posted by the analyst, the XRP/BTC ratio which measures the value of XRP relative to Bitcoin (BTC), is seen to have reached a level historically associated with significant price increases for XRP.
This specific support level has only been reached three times previously: June 2014, February 2017, and January 2021. In all three instances, the XRP/BTC ratio reaching this level preceded substantial growth for XRP.
Following Krillin’s initial analysis in March 2024, the XRP/BTC ratio dipped further, reaching 0.000007 in July. However, a recent update from Krillin suggests the ratio has begun to climb. While maintaining his reservations regarding the SEC lawsuit, Krillin acknowledges that XRP’s technical indicators warrant attention from investors interested in potential opportunities.
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Read Also: Analyst Spots Reversal From Prolonged XRP Against BTC Downtrend
In April 2024, Krillin suggested that the 0.000006 to 0.000007 BTC range presented a favorable buying opportunity for XRP. This recommendation stands despite his ongoing criticism of XRP and its community.
According to data from CoinMarketCap, XRP is currently trading at $0.53, having surpassed the $0.50 resistance level. Notably, XRP has gained 19.15% against BTC in the past five days, with the XRP/BTC ratio currently sitting at 0.0000091.
The technical analysis presented by Krillin highlights a potential upswing for XRP. However, the ongoing SEC lawsuit against Ripple Labs injects significant uncertainty into XRP’s future.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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