In a recent episode of the popular crypto market commentary YouTube series “Cheeky Crypto,” the host delved into a detailed technical analysis of XRP. The video provides insights into the recent performance of XRP and what might be expected next.
Technical Analysis
The host began by examining the XRP/USDT pair on the Bitget spot exchange. He noted a slight move to the downside in the last hour, which he said was in line with expectations. The analysis suggested that XRP might need to come down into a specific range one more time before it can break to the upside. The host identified a target range of about $0.46845 to $0.47384 to the downside.
Once this correction is complete, the host predicted that XRP should start moving upwards, aiming for equilibrium around $0.49 to $0.49346, right above the 200-day EMA. This prediction is based on a series of wave patterns that suggest a larger move to the upside.
Market Expectations
The host noted that many retail investors might not be patient enough to let these patterns play out. He also pointed out that some viewers might skip parts of the analysis, which he found surprising given the importance of understanding the full context when dealing with financial matters.
The host also discussed the possibility of XRP moving towards a fair value gap of $0.53 to $0.56, created from imbalances in the order books. He suggested that XRP could either push up towards this range or down towards $0.43 to $0.437, but he suspected it would likely go up as sellers seem to be getting exhausted.
Long-Term Potential
The host expressed optimism about XRP’s long-term potential, despite the ongoing SEC case against Ripple. He suggested that once the case is resolved, there could be a significant surge in XRP’s price due to FOMO and re-listing on U.S. based exchanges.
However, he cautioned that this is not a quick pump-and-dump scenario. From the current position, reaching the target range of 62 to 67 cents could take around 100 days or more. He emphasized the importance of patience and warned against expecting instant returns.
Conclusion
In conclusion, the host of “Cheeky Crypto” believes that XRP is gearing up for a significant move to the upside. However, this will require patience from investors as the patterns play out. Despite the ongoing legal issues, the host sees a bright future for XRP, especially once the SEC case is resolved. As always, it’s important to remember that these are predictions based on the host’s analysis and should not be taken as financial advice. Always do your own research before making any investment decisions.
Featured Image Credit: Photo / illustration by “Dylan Calluy” via Unsplash
