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In this article, we share a recent analysis of Ripple (XRP) that was previously shared in our featured group. Not yet a member or still have questions after reading this article? Then try our premium membership for free for 30 days.
XRP technical analysis price
In recent days, we have seen many prices in the cryptocurrency market reach lower and lower peaks and troughs. However, the XRP price basically continued to consolidate sideways. Therefore, analysts at Crypto Insiders expect XRP to make another rally soon. Analysts are still not particularly optimistic about XRP, as they recently explained to Premium members:
XRP seems to be forming Elliott wave pattern 12345 in the medium term and it is now in the corrective second wave. As part of this, we expect the ABC Elliot Waves pattern to be the inside waves. This pattern is expected to be between 50% and 76.4% Fibonacci, which here equates to a rate between $0.425 and $0.495.
However, while we are expecting a rally initially, this does not mean that we remain bullish on XRP. We give the chart a “rejection” label, which means we expect a significant decline in the long term. So we will be patient before taking a position with XRP. In the premium environment, we share another outlook and indicate which area we might want to enter.”
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