In a tweet from yesterday, an expert declared that he is unusually positive about Ripple (XRP). According to a tweet from Twitter user Irish Purple Crypto.cspr, the market share of the remittance token may increase to 13%. Due to the current market capitalization of the cryptocurrency industry, if the prediction comes true, the value of XRP might increase to $3.30.
The analyst continued by predicting that this increase in the value of the cryptocurrency might only be the beginning. The analyst’s conclusion to the post was that everyone is focusing on the near-term prospects while neglecting the overall picture, which might be highly bullish.
At the time of publication, CoinMarketCap reported a 24-hour loss of 4.38% for XRP. As a result, the alternative currency was trading hands at $0.6001. This poor daily performance also caused XRP’s weekly performance to fall farther into the negative territory, at -6.50%.
The value of XRP attempted to break through the symmetrical triangle chart pattern that had formed on its daily chart. However, as the altcoin’s price quickly dropped back into the chart sample, this bullish breakout revealed out to be a phoney move. Then, sellers intervened to drive XRP below the 24-hour chart pattern, where it was still trading at the time of publication.
In the following weeks, the price of XRP might drop as low as $0.4715 if the price closes today’s trading session below the chart sample. This bearish thesis may be confirmed if XRP closes a daily candle below $0.5890. If this level were to break, XRP might possibly test the support level of $0.5830. Then, further promotion pressure will drive XRP all the way down to $0.4715.
However, if XRP’s price is able to hold above the $0.5890 support level for a few weeks or closes a daily candle above the triangle chart sample within the next 48 hours, the bearish thesis may be refuted. In this circumstance, the value of XRP may attempt to challenge the $0.6596 resistance. Continual demand pressure might then push XRP up to $0.7432 as well.