Analyst Reveals XRP FUD Peaks, Rally Incoming or a Crash Ahead?
Highlights
- XRP FUD reaches its 3rd-highest level in the past 2 years, which usually follows a relief rally.
- Institutional investors and whales capitalize on low retail activity.
- Analyst predicting a major rally in next bull market, with options traders remaining bullish.
XRP FUD reaches its 3rd-highest in the past 2 years, according to on-chain data platform Santiment. This usually follows a relief rally, but risks of further crash remain amid the ongoing bear market and geopolitical concerns.
XRP price is trading mostly range-bound between $1.30 and $1.37, with whales and institutions remaining bullish on the coin.
XRP On-Chain Data Signals FUD and Low-Risk Entry Point for Rally
According to a Santiment report on April 13, XRP FUD has reached its 3rd-highest level in the past 2 years. The on-chain data platform claims XRP price is at a low-risk entry point after almost 63% correction.
Historically, the odds of a relief rally rise when bullish sentiment is replaced by bearish sentiment. Santiment claims prices move in the opposite direction from the market’s expectations.
Amid falling retail activity after the crash, institutional investors and whales capitalize on bearishness. “This kind of signal can help you capitalize on their bearishness if you’re willing to be patient a bit longer,” the on-chain expert added.
Analyst Predicts Massive Bull Market
XRP price is trading only 0.3% lower at $1.32 in the past 24 hours, while Bitcoin price is down more than 1%. The 24-hour low and high are $1.32 and $1.34, respectively. Furthermore, trading volume has decreased by 12% over the last 24 hours, indicating a decline in interest among traders.
However, analyst Ali Martinez claims the next XRP bull market will be huge. In the monthly chart, XRP is trading inside a 9-year ascending triangle amid the FUD. It is a repeat pattern since 2017. XRP hits the upper resistance (X-axis), gets rejected, and retraces to find its floor at the rising trendline.
After the recent XRP price downfall since August last year, Ali Martinez predicts a retest of macro support between $0.75 and $0.80. He suggests it as a “buy the dip” opportunity before the triangle finally reaches its apex. XRP price to see a 530% rally to $8.50.
Meanwhile, options traders are targeting XRP price to trade near the $1.45 max pain point for the April 24 monthly expiry. The put/call ratio of 0.98 signals neutral sentiment, with traders opening $1.4 and $2 calls for the June 26 expiry.
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