Crypto analyst ChartNerd has raised the possibility of the XRP price recording another 30% surge from its current level. This comes even as the altcoin risks erasing its year-to-date (YTD) gains due to the recent crypto market crash.
How The XRP Price Could Rally To $2.70
In an X post, ChartNerd stated that a potential XRP price rally to $2.70 is a possibility in the near term if the altcoin can hold the Fib support targets and mark a higher low. He highlighted three Fib support levels, including the 0.5 at $2, 0.618 at $1.99, and 0.786 at $1.89. He noted that the $2.70 was the base of the descending triangle, around the area where XRP broke down from following the October 10 crypto crash last year.
Related Reading
ChartNerd also explained that the XRP price was currently in a falling wedge breakout pattern and that this typically leads to rallies as high as where the coin had broken down. As such, in this case, XRP could reach the descending triangle resistance at $2.70. The crypto analyst had also highlighted bullish fundamentals that could drive the rally toward this target. This includes Ripple’s alleged ties to South Korea’s tokenized infrastructure and projected major expansion for XRP.
However, it is worth mentioning that the XRP price is also at risk of a further decline amid the latest crypto market crash, led by Bitcoin. BTC has dropped to as low as $92,000 in the last 24 hours, forcing XRP to crash below the psychological $2 level. This crash has occurred on the back of the latest Trump tariffs on some European nations over the U.S. proposed takeover of Greenland. The EU is weighing retaliatory tariffs, which could escalate this into another full-blown trade war.
The Crash Could Be A “Blessing In Disguise”
In another X post, ChartNerd suggested that the recent XRP price crash could be a blessing in disguise. This came as the analyst alluded to the $1.80 liquidity pocket on the monthly heatmap. He noted that this latest drawdown has swept the altcoin into that exact sell-side liquidity, a move which ChartNerd described as a clarity response.
ChartNerd also suggested that the XRP price is likely a minor setback rather than a major retracement. He noted that although altcoins are taking hefty hits, Bitcoin hasn’t lost any key structure and that all he sees is “opportunity” until the trendline is invalidated. As such, XRP could see a bounce if BTC successfully defends this trendline.
Related Reading
At the time of writing, the XRP price is trading at around $1.96, down over 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
Credit: Source link
