XRP prices have once again drawn traders' attention as analysts' differing forecasts reflect mixed market sentiment.
Price Predictions Based on Analysis
According to a recent analysis, XRP is attempting its first monthly close above $3.03, which has historically served as a resistance level. Analyst EGRAG CRYPTO pointed out that the formation of a diagonal trendline known as the 'Chasm' is a key resistance boundary. He noted that XRP has completed its third major cycle, which may lead to a historic breakout.
Third Macro Cycle of XRP Completed
The structure of Ripple is segmented into three major cycles, each observed during periods of increase and subsequent corrections. The third cycle is nearing completion, potentially opening the opportunity for another rally. Analyst EGRAG emphasizes that previous breakouts occurred only after monthly consolidation above moving averages, highlighting the significance of the upcoming monthly close.
Bearish Positions and Market Volatility
Amidst bullish projections, bearish sentiment remains present. One trader disclosed a $500,000 short position after XRP's price dipped from $3.16 to $3.01. He is targeting a significant drop; however, this position would be liquidated if the price rises to $3.65. Nevertheless, other analysts caution that XRP prices could fall again to $0.80 if they fail to maintain levels above $3.15.
Overall, despite the varied predictions and sentiments of market participants, the current situation surrounding XRP prices remains tense, with possibilities for both upward and downward movements.
