Market Analysis Shows Potential XRP Price Decline Despite Trump Boost
In a surprising turn of events, crypto analyst MadWhale has predicted a significant downturn for XRP, suggesting the price could plummet to $1.5 despite recent gains. This bearish forecast comes amid heightened market volatility and follows Trump’s shocking crypto reserve announcement that initially drove prices higher.
Technical Analysis Points to Bearish Pattern
According to MadWhale’s analysis, XRP is displaying concerning technical indicators:
- Formation of a descending channel pattern
- Critical resistance level at $2.00
- Potential 35% decline if $1.90 support breaks
- Current price trading at $2.8, showing signs of weakness
Key Price Levels to Watch
Traders should monitor these crucial price points:
- Primary Resistance: $2.60
- Critical Support: $1.90
- Bottom Target: $1.50
Trump’s Crypto Reserve Impact
Despite the bearish technical outlook, Trump’s strategic crypto reserve plan has introduced a new dynamic to XRP’s market behavior. The announcement triggered a 24.5% price surge, pushing XRP above $2.5. However, analysts warn this surge might be temporary, with underlying technical weakness potentially leading to a significant correction.
Market Implications
Investors should prepare for increased volatility as these opposing forces – bearish technical indicators and bullish fundamental news – continue to influence XRP’s price action. The coming weeks will be crucial in determining whether support levels hold or if MadWhale’s bearish prediction materializes.
Source: NewsbtC