Seasoned analyst Jackis, who has been active in financial markets for a decade, recently issued a stark warning regarding the outlook of XRP.
In an
update
shared on X, Jackis argued that XRP could be on the verge of a “violent breakdown.” He cited several technical indicators that suggest trouble for the popular altcoin.
The chart shared in Jackis’s analysis reveals a prolonged distribution phase during which XRP has been trapped in a sideways trading range. Specifically, XRP has been in this pattern for nearly seven years and is nearing a breaking point.
– Advertisement –
However, market watchers are divided on XRP’s next move. Some argue that this
extended period of consolidation
implies a violent pump upon a breakout. Meanwhile, Jackis’s analysis suggests a breakdown instead.
Jackis noted that XRP’s current support trendline is “super weak,” having been tested multiple times, which makes it vulnerable. This weakness may indicate that buyers may no longer have the strength to maintain current price levels.
– Advertisement –
Furthermore, a potential head-and-shoulders pattern observable in the chart further emphasized the bearish outlook for XRP.
“The breakdown will be violent,”
warned Jackis.
“I highly recommend hedging yourself once this crypto coin crashes.”
Jackis’s XRP chart
This bleak outlook for XRP has drawn significant attention from the crypto community, with some pushing back against his prediction. One X user commented that the potential fallout would be devastating,
stating
:
– Advertisement –
“Imagine being stuck holding XRP for years only for it to break down this violently now. That’s scary.”
A Closer Look at Jackis’s Analysis
While the most apparent interpretation of Jackis’s analysis is that he is bearish on XRP, a closer look at the chart suggests he is merely being sarcastic about XRP’s price trajectory.
The graph he shared is actually an inverted historical price chart for XRP. When flipped to the correct orientation, it indicates that the analyst is bullish on XRP.
In particular, he is targeting the $1 price range for XRP in the near future, which is a massive 70% increase from the current price of $0.5895.
Essentially, Jackis’s seemingly sarcastic commentary aims to play into the fantasies of XRP skeptics who see no bullish potential in the token.
Despite widespread skepticism regarding XRP given long-standing underperformance, market analysts are nearly unanimous in predicting a notable breakout in this cycle,
even among top critics
in the Bitcoin community.
However, opinions differ on what XRP’s peak price might be. While some are
hoping for a price point of $250
, others believe that just $2 is a more realistic peak for this cycle.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.