- XRP breaches $0.60 support, triggering concerns of a robust correction.
- Analyst Alan Santana’s warnings based on technical indicators and critical rejection points.
- Cryptocurrency analytics firm Santiment highlights Cardano amidst ETF speculation shift.
Ripple’s XRP finds itself grappling with substantial losses, breaching the critical $0.60 support level. While Bitcoin exchange-traded funds (ETFs) fail to generate the same fervor they once did, XRP stands out as one of the most adversely affected cryptocurrencies.
Forecasts of a Steep Correction
Prominent cryptocurrency analyst Alan Santana, known for his accurate predictions, has raised alarms about XRP’s future. On January 12, Santana predicted a robust correction for XRP based on observed price movements and technical indicators. Highlighting a critical rejection point just below the exponential moving average 50 (MA), he noted a brief surge past the $0.6054 level, only for XRP to close below it. Santana warned investors:
“Given today’s movement, a very strong correction is imminent. This is just the beginning; brace for impact. There will be ample opportunities to buy at lower prices, and growth prospects are expected throughout 2024. I’ll be guiding you on the optimal entry points once support is identified.”
Concerns About XRP’s Downward Trajectory
Santana’s analysis on January 5 further fueled apprehensions as he pointed out troubling signs of an impending collapse. He highlighted XRP consistently dipping below the EMA200 with a weak relative strength index (RSI) of 34.33, indicating a bearish momentum. Santana emphasized the significance of this trend:
“A bullish trend against Bitcoin and XRPNetwork, present since May 2022, is notably dwindling, raising concerns about XRP’s stability.”
Overlooking Cardano in ETF Speculations
Adding to the tumult, cryptocurrency analytics firm Santiment drew attention on January 13 to a shift in investor focus. While assessing ETF approval possibilities for ETH or XRP, many overlooked the potential of Cardano, traditionally not as buoyed by investor optimism. Despite this, XRP managed to reflect a modest gain of over 1% in the last 24 hours, trading at the $0.58 level, and showing a 2% increase in value over the past seven days.
As the cryptocurrency landscape continues to evolve, market participants keenly await developments that may reshape the fate of Ripple’s XRP amid the ongoing market fluctuations.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.