Notable crypto analyst Francis Hunt shared his views on the price movements of the token XRP. While the token has been stuck in a range, Hunt believes a significant breakout is possible.
Forecasts Based on Previous Prices
Hunt recalled that his team accurately predicted XRP's previous high at $3.36, which they considered a temporary peak. After reaching this price, XRP entered a falling wedge — a technical setup where the price steadily moves lower within a narrowing range. Typically, falling wedges tend to break upwards, and Hunt expects XRP to eventually follow this pattern.
Key Support Levels
According to Hunt, the $2 mark has become one of the most crucial support levels for XRP. Even though the token dipped below it a few times, each drop was quickly bought up, indicating large buyers are present in that area. He believes this is a good sign for long-term bulls, as it shows 'strong hands' are defending the price around $2.
Pragmatic Approach to Current Market Conditions
While the current market isn't showing much strength, especially after Bitcoin's recent hit, XRP still hasn't decisively broken down. Hunt pointed out that while he exited some of his positions at the $3.36 high, he is watching for a chance to jump back in if XRP drops slightly below $2, as it could offer 'one or two lucky fills.'
Francis Hunt's analysis indicates that XRP is in an interesting situation. The support level at $2 remains significant, and despite the current market conditions, there are reasons to expect a potential breakout in the future.
