Crypto Analyst Calls For $0.07 XRP After Spotting A Bearish Pattern On The Charts
While one Ripple analyst is calling for -an 80% drop in XRP, others predict BlackRock XRP ETF in the event of Ripple Labs winning in the SEC case.
Since the start of the week, there has been a positive rebound across the crypto landscape. Bitcoin has led the way, up from its Monday low of $54,700 to today’s price of $57,000.
There are similar price movements from the other big caps, including XRP. It is currently trading at $0.463 compared to its Monday low of $0.405.
Goodmorning friends
Why is $XRP moving ?
That shitcoin finaly gonna pump after 4 years ? pic.twitter.com/pZdyGs0Ra7
— WIZZ🥷 ( beware scammers ) (@CryptoWizardd) July 12, 2024
‘Ripple Effect’ Crypto Analyst Calls For $0.07 By 2026
Even with the recent upturn in the market, an XRP-focused analyst has warned their followers that an XRP crash could be on the cards. Using technical analysis, the analyst has warned XRP investors that the coin could drop as low as $0.07 by 2026.
Lol the ripple vs sec case is expected tu conclude this month July 2024, not July 2026.
It’s official by judicial timeline, it will be July 13 or July 31, but for law there’s no way that it will pass July 2024. It can even happen tomorrow and $XRP will start a new era.— Alex Beadi 💎 (@Beat_Diem) July 9, 2024
The X account, named “The Ripple Effect,” is a self-titled ‘Stocks, Options & Crypto Expert’ and focuses on the XRP token as a source of their content.
In a recent post, the analyst discussed a ‘Massive $XRP triangle breakdown’. They posted an Elliot Wave pattern on an XRP chart to support their thesis.
The XRP chart included in the post looks at the price of XRP from 2017 and uses technical analysis to show that XRP could fall to a price level of $0.07 by 2026.
To support their technical analysis, Ripple Effect also employs some ‘Fundamental Analysis’ to back up their claims. They claim that Ripple Lab’s ongoing case with the SEC will not conclude until mid-2026.
The analyst believes that for this reason, the price of XRP will tank until then before exploding in the back-end of 2026 (if Ripple wins its case against the SEC).
There has been a lot of pushback to The Ripple Effect’s post from XRP investors, with many pointing out that its case with the SEC is due to conclude this month or the next.
Rumors have been swirling for some time that the SEC will fine Ripple Labs anywhere between $25-100 million. If the penalty is not appealed, that would end the saga.
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Is An XRP ETF On The Cards: Blackrock CEO Has His Say
WOW! 💥
Larry Fink (Blackrock) on an XRP ETF: „I can’t answer that.“
He knows exactly what is about to happen:
Legal clarity & final settlement with the SEC will position #XRP favorably for future financial products like ETFs
XRP ETF PROBABLY IN 2024/2025! 📈 pic.twitter.com/8mPkqRjRVc
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) July 9, 2024
A recent clip of Blackrock CEO Larry Fink went viral online, especially with Ripple-maxis. The clip shows Fink being interviewed on the Fox Business channel.
During the interview, he was grilled on further ETFs once the Ethereum product goes live.
The host of the show asked the Blackrock CEO ‘How about an XRP ETF’, to which Fink responds (with a grin) that he ‘Can’t answer that’.
The XRP community quickly picked up the clip. They believe there is a strong chance for an ETF following the conclusion of the Ripple vs. SEC case.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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