Captain Faibik, a prominent market analyst, contends that XRP has reached its lowest point amidst the ongoing downtrend and foresees an impending mid-term rally to $2. This revelation came during his latest analysis of XRP’s price, coinciding with its descent below the $0.50 mark for the third consecutive month. Despite the broader market’s struggles, XRP has demonstrated notable resilience, although it did dip to a low of $0.4620 on June 24.
According to Captain Faibik, XRP appears to have established a floor at this price level, suggesting that further declines are unlikely. This assessment is supported by the Fibonacci retracement analysis, which highlights the $0.4620 mark as a robust support level. Bulls are anticipated to defend this level against any potential breaches, potentially setting the stage for a rebound if market conditions favor such a move.
Recent indicators from Crypto Basic underscore that Bitcoin (BTC) has recently hit its highest oversold levels since last August, hinting at a potential recovery phase. Such a resurgence in Bitcoin could positively influence the broader market sentiment, providing XRP with the necessary momentum to pursue Captain Faibik’s projected mid-term target of $2.
Notably, the last time XRP reached the $2 mark was in 2018 during its historic bull run. Despite the 2021 market boom that saw many assets reaching new all-time highs, XRP failed to surpass $2, often attributed to legal pressures stemming from the SEC’s lawsuit against Ripple. Faibik’s analysis reveals a symmetrical triangle formation on XRP’s weekly chart since 2020, with expectations of a potential breakout once the SEC case concludes definitively.
Additional market data from Santiment indicates that XRP’s price volatility has significantly decreased across various timeframes, reflecting a potential period of market consolidation. As of the latest update, XRP is trading at $0.4690, experiencing a minor decrease of 0.17% on the day. The Long/Short Ratio for XRP remains below 1, currently at 0.9309, indicating a prevalence of short positions that could potentially fuel a rebound if these positions are covered during a recovery phase.
Please note that this article serves informational purposes only and does not constitute financial advice. Readers are advised to conduct their own research before making any investment decisions.