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Home»EXCHANGE NEWS»Crypto analyst predicts bullish hammerfall for XRP in upcoming move
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Crypto analyst predicts bullish hammerfall for XRP in upcoming move

By Crypto FlexsJanuary 4, 20243 Mins Read
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Crypto analyst predicts bullish hammerfall for XRP in upcoming move
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In the ever-changing world of cryptocurrencies, cryptocurrency analyst CryptoWzrd expressed the following optimistic predictions: XRPWe highlight a potential bullish hammerfall for crypto assets.

A Bullish Hammer for XRP Could Happen

that much cryptocurrency analyst Recently using X (formerly Twitter) share Outlook on the entire cryptocurrency market. Analyst forecasts were made using XRP’s daily technical outlook.

CryptoWzrd, clearly observing the charts, pointed out that XRP may be ready to form a bullish hammer. However, for this pattern to occur, a bullish candle must appear today, January 4th.

Following the prediction, CryptoWzrd noted that the XRP/BTC chart is showing strength against weakness. Moreover, he recovered most of his losses and ended the day with a promising pin bar.

The analyst was optimistic about XRP’s chances of being brought under control and emphasized that a strong rebound could push the token higher. However, he cited the impact of external variables hindering this rebound, particularly the potential threat of unfavorable SEC news regarding ETFs.

CryptoWzrd’s predictions come amid visible turmoil in the cryptocurrency markets that occurred yesterday. Confusion looked Bitcoin (BTC) plummeted to around $40,000.XRP has almost reached its October 2023 low of $0.50.

After recovering to levels around $0.57, CryptoWzrd expects a bounce in this area could mark the breaking point of the daily lower-high trend line. As a result, the cryptocurrency asset could move closer to $0.7300 and above.

According to cryptocurrency analysts, the strength shown by the XRP/BTC charts is one of the main reasons for the bullish outlook. According to CryptoWzrd, these strengths surround the positive view that XRP can orchestrate a bullish rally.

Analyst thoughts from an intraday perspective

CryptoWzrd turned his attention more to the intraday charts, anticipating the next move. The expert noted that his “main focus” will be on the intraday charts today, where he will find his scalp.

XRP intraday chart showing extreme volatility | Source: CryptoWzrd by X

The analyst acknowledged the volatility that occurred Wednesday but predicted it would continue today. However, despite the uncertainty, CryptoWzrd has expressed optimism and is planning another transaction.

So far, experts have highlighted that two important factors will determine the final trajectory of XRP. This includes the following paths: Bitcoin Gather basic data that may come forward.

At the time of writing, XRP is trading at $0.578, down more than 8% in the last 24 hours. Meanwhile, the market capitalization also fell by more than 8% in the past 24 hours.

Despite the drop in price and market capitalization, token trading volume appears to have increased significantly over the past day. Data from CoinMarketCap shows that the trading volume of this cryptocurrency asset has increased by 153.49% as of this writing.

XRP
XRP trading at $0.573 on 1D chart | Source: XRPUSDT on Tradingview.com

Featured image from Shutterstock, chart from Tradingview.com

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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