XRP Price Analysis: Short-Term Bearish Momentum Likely, But Long-Term Outlook Remains Positive

Analyst Cheeky Crypto gave detailed analysis of the short to medium-term price predictions for XRP.

Cryptocurrency prices continue to face bearish news, leading to questions about the market's future direction. While some analysts predict an uptick, others remain skeptical about a sustained bull run. Despite claims that the market will recover, higher price action has been absent for an extended period.

Among the cryptocurrencies, Ripple's XRP has shown a slight recovery, gaining over one percent in the last 24 hours. Here's a closer look at XRP's price predictions and technical analysis.

Cheeky Crypto, a cryptocurrency analyst, provides a detailed analysis of XRP's short to medium-term price predictions. Examining the XRP/USDT chart on Binance's daily timeframe, he highlights that the coin is currently trading within a parallel channel to the downside. However, it is showing strong resilience at the moment.

The current XRP price is below both the 50 EMA and 50 SMA, indicating a bearish trend. These averages currently sit at 51.6 and 51.1, respectively. Moreover, the XRP price is also trading below the 200 EMA, further confirming the bearish sentiment. The 200 EMA is at 54.4 on the chart.

Despite the bearish indicators, there are positive aspects to consider. Analyzing the candlestick patterns reveals overlapping movements, suggesting short-term volatility rather than a sustained trend. The market has been ranging for a while, and the main concern is a potential head-and-soulders pattern indicating a further move to the downside.

The analyst's minimum expectation for a drop is to around $0.4188, with the potential to go lower to between $0.28 and $0.33.

The overall market structure and candlestick analysis suggest that while short-term bearish momentum is likely, the long-term outlook remains positive.

Examining smart money concepts, Elliott Wave theory, and the stochastic RSI, more short-term downside is expected. However, on a weekly and monthly time frame, XRP appears oversold and poised for a price increase in the future, possibly reaching between $5.59 and $126 during the next bullish cycle, likely by 2025 or 2026.

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