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The XRP price is still trading around the $0.6 threshold, and investors are anticipating an eventual breakout in the coming weeks. In an interesting turn of outlook, an intriguing shift in perspective has recently emerged, sparked by a well-known cryptocurrency analyst who suggests that XRP may be closer to a significant breakdown rather than a breakout.
“The breakdown will be violent,” the analyst mentions. This statement will, understandably, fuel a sense of caution among traders, especially those who have been eyeing a more optimistic trajectory for the XRP price.
However, the analysis doesn’t seem entirely straightforward. Upon closer inspection of the XRP/USD chart shared by the analyst, it becomes clear that there may be an element of wordplay involved in his forecast. The chart hints at sarcasm, especially toward those who are still bearish on XRP.
Current State Of The XRP Price
Most crypto analysts are currently bullish on XRP, particularly in light of the recent surge in cryptocurrencies and the broader crypto market fundamentals. Although there are still concerns of an appeal by the SEC, you could argue that XRP is now free of the shackles created by the multi-year lawsuit between the regulator and Ripple, the company behind XRP’s creation.
Yet, despite the newfound freedom and a largely bullish consensus among investors, XRP has struggled to sustain a rally up to expectations. While there have been occasional rallies, they have often been rejected at key resistance points around the $0.60 and $0.70 price levels. Notably, the recent XRP analysis from crypto analyst Jackis (@i_am_jackis) seems to build into this resistance and bearish outlook.
Analyst Says XRP At Risk Of Major Crash
In an accompanying XRP price chart, Jackis draws attention to a series of lower highs and higher lows, with a critical lower trendline serving as a key support level for the cryptocurrency. His accompanying XRP price chart suggests that the digital asset is currently testing this support, and from his perspective, there is a growing likelihood of XRP breaking below this trendline going on a bearish move in the near term.
However, upon further investigation, Jackis’ chart, which is shared above, was found to be inverted and revealed a completely different narrative than initially thought. What at first glance appeared to be a chart signaling weakness and potential breakdown is, in fact, indicative of a bullish setup.
This means that the XRP chart shared by Jackie suggests the cryptocurrency is on the verge of breaking out of a resistance trendline instead of a support and is ultimately poised for a rally. Furthermore, his projections suggest that once XRP breaks through this resistance, it could embark on a rally that pushes the price up to $1.05, which is an 81% increase from the current price.
At the time of writing, the XRP price is trading at $0.586.
Featured image created with Dall.E, chart from Tradingview.com
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