XRP Price to Have a “Massive Explosion” as Accumulation Continues

XRP price is hanging on a thread at a crucial support level after dropping by almost 40% from its highest level this year. While Ripple risks a big drop if it loses this support, one contrarian analyst believes that it could stage a “massive explosion” and possibly hit its all-time high in the coming months. Crypto Analyst Sees XRP Price Having a Massive Explosion Analysts are still bullish on the Ripple price as it remains in a steep local bear market. In an X post, Coinvo , who describes himself as a Bitcoin investor and trader, predicted that it was now in an accumulation phase that could lead to a strong bullish breakout in the longer term. XRP Price Chart Forecast He cited a weekly chart showing that the XRP price was hovering above a crucial support level. The support, $1.9780, was the highest swing in 2021, when Bitcoin and most altcoins soared. As such, he believes that this could be a break-and-retest pattern, a popular continuation sign. If his Ripple price forecast happens, it means that the XRP price will soar by 65% and retest the year-to-date high of $3.4. Another pundit with over 232k followers on X, used a daily chart and predicted that the XRP price may 5x-10x from the current level. He believes that the next leg up could happen post a breakout of this consolidation. If his forecast is correct, it means that the XRP coin could surge to over $10 . XRP Price Forecast Ripple Price Needs to Hold the Support at $1.9780 The daily chart paints a mixed picture of the XRP price. On the positive side, the accumulation and distribution indicator has continued rising and is hovering at its all-time high, signaling a potential rebound. Also, the coin has remained above the 200-day Exponential Moving Average (EMA), meaning that bulls are in control for now. Most importantly, it is above the crucial support at $1.9780, where it has failed to move below several times since November last year. The risk, however, is that this support level is the neckline of the head and shoulders pattern . In this case, the head is at $3.5, while the shoulders are at $3.0. The neckline also coincides with the 50% Fibonacci Retracement level. XRP Price Chart Therefore, bullish investors need to ensure that the XRP remains above this support, and invalidates the H&S pattern by moving above the shoulders at $3. A crash below that level could point to further declines, potentially to the 61.8% retracement point at $1.50. The post XRP Price to Have a “Massive Explosion” as Accumulation Continues appeared first on CoinGape .