A closely followed crypto analyst says that XRP will explode once the lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission concludes, but more downside is possible before then. In an interview with Thinking Crypto, the pseudonymous analyst known as Credible Crypto says XRP’s technicals are currently suggesting more bearish action. “XRP is one that doesn’t look that great right now… I think that we’re probably going to go for these lows here ($0.50) and push into… this weekly level of demand that we have here. Again, this level is significant because from this level we saw a major move to the upside after what was essentially about six months of consolidation. So the origin of the point at which this consolidation starts to break whether that be the upside or the downside, typically then acts as support or resistance when it’s revisited. So just from a high timeframe perspective, you can expect that this region in general, and the tighter we get here, this general region is going to act as support as we’ve seen it act in the past.”
Markets
Markets