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Crypto analyst TradinSides has suggested that it might be time for investors to start closing their XRP long positions. This came as the analyst revealed a bearish pattern, which showed that the XRP price could witness a significant crash.
XRP Price Could Crash As Head And Shoulder Pattern Forms
In a TradingView post, TradinSides predicted that XRP could crash as the price could form the Head and Shoulders pattern, driving the crypto to $2.2 or below. The analyst stated that this price correction could happen if some bullish fundamentals don’t happen for the altcoin as expected. The fundamentals that TradinSides cited include the RLUSD stablecoin and the upcoming XRP ETFs.
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While these fundamentals present a bullish outlook for the XRP price, the crypto analyst stated that XRP still stands under heavy selling pressure due to the SEC’s decision to appeal the Ripple case ruling, which is impacting demand and market sentiment. TradinSides alluded to SEC Commissioner Caroline Crenshaw’s reappointment and how it could ultimately impact the Ripple case and the XRP price.
The analyst noted that Crenshaw’s reappointment is set for December 18. However, if Crenshaw’s renomination fails, Donald Trump could nominate a new Commissioner. Crenshaw’s renomination is significant as the SEC must file its opening brief in the appeal case on January 15.
If she is reappointed, she could vote in favor of the Commission filing its opening brief since she has been known to take an anti-crypto stance on several occasions. The crypto analyst believes the altcoin could face selling pressure if the SEC pursues the appeal.
On the other hand, if the SEC withdraws its appeal, TradinSides predicts that the Commission could also withdraw its appeal. This would lead the agency to approve the pending XRP ETF applications, which could drive demand up. If this doesn’t happen, the crypto analyst predicts that the Head and Shoulders pattern could drive the XRP price to $2.2.
The State Of Things
In an X post, crypto analyst Dark Defender provided an update on the current XRP price action. He stated that the 4-hour time frame confirms the break for XRP. The analyst added that the daily time frame will be confirmed above $2.52. Once XRP breaks above that level, Dark Defender predicts that the altcoin will then rally to $2.72.
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The crypto analyst also highlighted crucial targets to watch out for. He stated that $5.85 and $8.76 are short-term targets. Meanwhile, he mentioned that $2.29, $2.24, $2.10, and $2.02 are support levels to watch out for. Dark Defender has before now predicted that the XRP price would eventually reach $18 in this market cycle.
At the time of writing, the XRP price is trading at around $2.41, up in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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