Crypto analyst TradinSides has suggested that it may be time for investors to start closing their long XRP positions. This came when the analyst revealed a bearish pattern, which showed that the price of XRP could evidence a a big accident.
XRP price may fall as a head and shoulder pattern forms
In a Trade View postTradinSides predicted that XRP could fall because the price could be a Head and Shoulders pattern, driving the crypto to $2.2 or lower. The analyst said that this price correction could happen if some supportive fundamentals for the altcoin do not occur as expected. Among the basics mentioned by TradinSides are the RLUSD stablecoin and the upcoming XRP ETFs.
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While these fundamentals show a positive outlook for the price of XRP, the crypto analyst said that XRP is still under heavy selling pressure due to the SEC's decision to appeal the Ripple case ruling, which affect demand and market sentiment. TradinSides commented on the reappointment of SEC Commissioner Caroline Crenshaw and how it could ultimately affect him. A ripple issue and the price of XRP.
The analyst noted that Crenshaw's reappointment is set for December 18. However, if Crenshaw's reappointment fails, Donald Trump they could nominate a new Commissioner. Crenshaw's renomination is important because the SEC must file its opening brief in the appeals case on January 15.
If she is reappointed, she could vote for the commission to file its opening brief as she is known to have taken a stand against crypto on several occasions. The crypto analyst believes that there could be selling pressure on the altcoin if the SEC pursues the appeal.
On the other hand, if the SEC withdraws its application, TradinSides expects that the Commission may also withdraw its application. This would force the group to approve the deal XRP ETF applicationswhich could increase demand. If this does not happen, the crypto analyst predicts that the Head and Shoulders pattern could move the price of XRP to $2.2.
State of Things
In post X, crypto analyst Dark Guardian Information about the conversion of the XRP is updated once a day. He said that the 4-hour timeframe confirms the breakout for XRP. The analyst said the daily chart will be confirmed above $2.52. Once XRP breaks above that level, Dark Defender expects the altcoin to then rally to $2.72.
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The crypto analyst also identified key targets to watch out for. He said $5.85 and $8.76 are short-term targets. Meanwhile, he said $2.29, $2.24, $2.10, and $2.02 are support levels to watch. Dark Defender has previously predicted that the price of XRP would eventually fall to reach $18 in this market cycle.
At the time of writing, the price of XRP is trading at around $2.41, up in the last 24 hours, according to data from CoinMarketCap.
Featured image created by Dall.E, chart from Tradingview.com
