Amidst uncertainty in the cryptocurrency market, XRP is under significant attention. Analyst Benjamin Cowen expresses concerns about a potential drop in the cryptocurrency before it achieves peak levels.
Technical Analysis of XRP
In his latest podcast, Benjamin Cowen shares a thorough technical analysis of XRP's trajectory. He predicts that the cryptocurrency may face a correction before reaching its peak level. *"XRP could return to test its bullish support zone, probably between $2.60 and $2.70,"* he states. This scenario is based on previous bullish cycles in cryptocurrencies where such pullbacks preceded peaks.
Relationship with Bitcoin and General Trends
Cowen also notes that XRP shows weakness against Bitcoin in the long term. The cryptocurrency has exhibited signs of a bullish reversal, although this has yet to be reflected in its relative valuation. He emphasizes stagnation against BTC: *"Evaluating XRP in Satoshis, one can see that its value has remained unchanged since August 2021."*
Future Predictions
Benjamin Cowen stresses the importance of caution in pursuing overly ambitious price targets. *"If the risk indicator does not reach extreme levels by year-end, it is likely it won’t do so at all during this cycle,"* says the analyst. He also warns of a potential drop of 60-80% by 2026 after the peak is reached.
Benjamin Cowen’s analysis illustrates the complexities of XRP dynamics in the cryptocurrency market and underscores the importance of managing investor expectations.
