Jackis (@i_am_jackis), a financial expert active in finance markets since 2014, has shared a noteworthy analysis of XRP’s price, providing a compelling perspective on its potential trajectory. His analysis, illustrated in an accompanying chart, suggests a significant shift in XRP’s market behavior.
On the surface, Jackis’s chart depicts XRP trading above an ascending trendline, implying that this trendline has been serving as a support level. According to this interpretation, the trendline is weak and on the verge of a breakdown, leading to a violent crash.
Some in the community share this bearish outlook for XRP, including prominent financial experts, who have predicted that the digital asset will fall to $0.
Is XRP About to Decline?
Jackis reinforced this view by stating, “The trendline is super weak & the distribution is too long.” This assessment points to a prolonged distribution period, a phase where market participants sell off their holdings, leading to potential downward pressure on the asset’s price.
However, a close examination of the chart reveals an intriguing twist. The chart is flipped, which completely alters its interpretation. In reality, XRP has been trading below a descending trendline, indicating a period of consolidation rather than a breakdown. This descending trendline, rather than serving as support, has been acting as a resistance level.
This flipped chart suggests that XRP is not on the verge of a violent crash but of a significant breakout. The descending trendline indicates that the digital asset has been consolidating, and a breakout above this trendline could signal a substantial rally.
Jackis posits that XRP is about to break out into a significant rally, and his chart shows that the digital asset might soon break above $1, a level it has not reached since 2021.
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An Upcoming Breakout
The implications of this revised interpretation are substantial for investors and market participants. If Jackis’s bullish outlook materializes, XRP would break a prolonged resistance level, and potentially head for a new all-time high now that the shackles of the SEC lawsuit are gone.
Notably, recent analysis supports Jackis’ prediction, as the digital asset forms an inverted head and shoulder pattern, which could send it to $1. At the time of press, XRP is trading at $0.5856, down 0.13% in the past 24 hours. A rise to $1 would be a significant 70.77% increase for the digital asset.
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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