Analyst: Ripple (XRP), vulnerable to panic - News-Credit-Mortgage-Coin


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Saturday, June 26, 2021

Analyst: Ripple (XRP), vulnerable to panic

 After recording a drop of over 20% in the past week alone, Ripple (XRP) is trading around $0.67 at the time of writing. According to experts, especially in the last 7 days, a trigger is expected to push Ripple price out of the $0.7 to $1 range. Many names make many predictions about the future of XRP.

Analyst: Ripple (XRP), vulnerable to panic

There are many expectations about where the altcoin price may go in the near future. An analyst named Cryptowzrd is a trader who shares these expectations. The analyst said that he expected the XRP price to drop to $0.72 on June 20, a few days before Bitcoin and the overall crypto market fell. Also, noting that altcoins like XRP are affected by the BTC price, “…This is the last step for Bitcoin to find support. As soon as Bitcoin changes, we will see a sudden change in the market,” he said.

Ripple (XRP)

What does on-chain data say about XRP?

Additionally, the on-chain metrics highlight no evidence of accumulation or distribution, implying that the XRP price will remain locked in its current range for the next few days. XRP's trading volume also rose at the beginning of the month, but did not sustain its levels. It fell and remained low in mid-June. Similarly, the number of whale transactions remained stable without a significant increase.

The analyst points out that a daily close above $1 will create bullish opportunities, while a lower close may lead to a pullback. Additionally, he pointed out that “short-term declines are insignificant over a broader time frame.” Broadly, he concluded that XRP's structure is solidly bullish. “XRP is gathering energy to run the bull run we expect – which takes some time,” the analyst said.

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