Will XRP Price Breach $0.50 Again? Analyst Flags Weak Buyers Support

Highlights

XRP price breakdown below the 200-day EMA slope could accelerate the selling pressure for an extended correction to $0.5.
A notable decline in XRP holdings among large wallet addresses (100M-1B XRP), signaling reduced confidence from major holders.
A symmetrical triangle pattern governs the multi-year sideways action in the Ripple coin.

XRP price showed an insignificant gain of 0.07% during the U.S. trading session on Tuesday. For over a week, the Ripple coin formed a series of such neutral candles in the daily chart, indicating no clear initiation from buyers or sellers. However, this consolidation below a multi-year resistance hints at the pivotal moment for this asset for a major breakout or reversal.

XRP Price Faces Major Breakdown as Analyst Points to Weak Buyer Support

Amid the two-month consolidation, the XRP price showcased several failed attempts to breach the overhead resistance trendline of a symmetrical triangle pattern. Since September 2021, this pattern’s two covering trendlines have acted as dynamic resistance and support to squeeze the XRP price spread into a narrow range.

Despite the recent pullback from the overhead trendline, the XRP price avoiding a significant correction highlights strong buyer confidence. The constant attack to breach overhead trendlines could weaken the resistance and offer a decisive breakout shortly.

Crypto analyst JACKIS shared a similar bullish outlook in a unique and intriguing manner with his 136.7K followers on X (formerly known as Twitter). In his tweet, he warned of an impending XRP price drop, stating:

The breakdown will be violent. I highly recommend hedging yourself once this crypto coin $XRP crashes

He further added, “The trendline is super weak & the distribution is too long.

However, upon closer inspection, the attached image reveals that JACKIS had posted an inverted XRP price chart. When flipped to its correct orientation, it actually suggests the opposite—a potential breakout from the long-term resistance trendline, signaling a possible rally toward the $1 mark.

The breakdown will be violent. I highly recommend hedging yourself once this crypto coin $XRP crashes

The trendline is super weak & the distribution is too long pic.twitter.com/YeKc6t1ms1

— JACKIS (@i_am_jackis) September 23, 2024

Whale Selling May Stalls $0.60 Breakout

According to Santiment data, the large wallet addresses containing 100 million to 1 billion XRP coins (yellow line) have notably declined over the past year. The whale distribution often coincides with major market tops or prolonged corrections in an asset.

Therefore, if the recent reversal breached the 200-day EMA slope at $0.55, the sellers could drive another bear cycle within a triangle pattern. A post-breakdown fall could plunge the asset 20% to retest the bottom support trendline at $0.4.

Moreover, the SEC’s potential appeal could prolong the legal battle and delay XRP price sustainability at higher levels.

Ripple (XRP) — Supply Distribution | Santiment

Conclusion

Considering the long-extended consolidation in XRP price, the potential buyers should focus on being reactive rather than proactive. A decisive breakout above the triangle resistance is crucial to confirm the end of the accumulation phase. Without it, the sideways movement could persist, potentially leading to another reversal.

Frequently Asked Questions (FAQs)

1. Will XRP price breach $0.50 again?

A breakdown below the 200-day EMA could accelerate selling pressure, potentially leading to a correction toward the $0.50 level

2. What does the symmetrical triangle pattern indicate for XRP?

The symmetrical triangle pattern represents a long-term consolidation for XRP, with dynamic resistance and support lines squeezing the price into a narrow range. A breakout is needed to confirm the end of this sideways movement

3. What does crypto analyst JACKIS predict for XRP?

JACKIS warned of a violent breakdown in XRP, but his inverted chart analysis actually suggests the opposite—a potential breakout, possibly pushing XRP toward the $1 mark

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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