Top Crypto Analyst Predicts XRP Surge to $1.40 After a Decline
XRP is in the green today as the crypto market posts a more improved outlook. A top analyst, XRP_SHARK, is optimistic about XRP's price performance in the long term.
However, the analyst believes that the sellers in the market could force a decline for XRP before a major rally is recorded.
Crypto Analyst XRP_SHARK Believes XRP Will Rally To $1.401/2 This chart measures the liquidity area from the top we had close to 2$ until today (all the same move as it was downwards). Most liquidity sits at .35-.40 cents. And that liquidity is needed to make price move in the opposite direction. That's why I believe chances are good pic.twitter.com/ND40yRfLme
- XRP_Shark (@XRP_Shark) February 1, 2024
According to crypto analyst XRP_SHARK, Ripple's native token will first decline to the $0.45-$0.47 range, then rebound to $0.53-$0.57.
1/2 This chart measures the liquidity area from the top we had close to 2$ until today (all the same move as it was downwards). Most liquidity sits at .35-.40 cents. And that liquidity is needed to make price move in the opposite direction. That's why I believe chances are good pic.twitter.com/ND40yRfLme
- XRP_Shark (@XRP_Shark) February 1, 2024
Also, XRP_SHARK posted a chart that measures the liquidity area for XRP. He noted that most liquidity is at the $0.35-$0.40 price zone.
So, XRP_SHARK noted that liquidity in this zone is crucial for the price to move in the opposite direction, which is the reason he is bullish on XRP long-term. Overall, XRP has improved from a price dip late in January.
What is influencing XRP's Price?XRP's recovery is likely due to a positive trend in the general crypto market. However, the dip suffered earlier was due to an alleged hack of Ripple for 213 million tokens valued at $112.5 million.
It appears @Ripple was hacked for ~213M XRP ($112.5M)
Source address
rJNLz3A1qPKfWCtJLPhmMZAfBkutC2QojmSo far the stolen funds have been laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, etc pic.twitter.com/HKGYsLQeMv
- ZachXBT (@zachxbt) January 31, 2024
Although Ripple's Chairman, Chris Larsen, confirmed the hack, he claimed that the affected accounts belonged to him and not Ripple.Larsen stated that security measures were taken, which involved notifying exchanges to freeze the affected addresses.
Additionally, he claimed that the attack was an isolated incident and that Ripple wallets were secure and were never compromised.According to him, nearly all the stolen funds were converted out of XRP, and a significant portion has been frozen by law enforcement.
But despite Larsen's efforts at damage control, some investors, such as TheCrypticWolf1, claimed that Ripple was hacked based on on-chain data.These negative events sparked panic in the market as some traders decided to short their XRP tokens, leading to a price decline.
How is XRP's Performance Today?
XRP entered a downtrend on January 30, as selling pressure forced it to re-test the $0.49 support level.Currently, XRP is moving in a sideways trend as the buyers attempt to force a rally and overcome resistance at $0.51.
However, XRP is in a sideways trend and lacks sufficient pressure from the buyers to begin a rally.
Also, XRP is in the lower region of the Donchian Channel (DC), which is a bearish signal hinting at a possible drop in its price.
Additionally, the Relative Strength Index (RSI) indicator is close to the oversold region with a value of 34.10 and moving sideways. This confirms traders' indecision for the asset.
Therefore, XRP will likely decline further if the $0.49 support fails to hold. As such, traders should look out for the close of today's candle for confirmation.
The post Top Crypto Analyst Predicts XRP Surge to $1.40 After a Decline appeared first on The Tech Report.