- The Chart Guy has identified hidden bearish divergences on the XRP chart, suggesting a potential for lower prices.
- Despite recent price increases, the analyst believes that it may be vulnerable to further downside.
- The Chart Guy is prepared to accumulate XRP positions during periods of extreme fear if the price declines to lower levels.
Cryptocurrency analyst and trader “The Chart Guy” has issued a bearish outlook on XRP, suggesting that the altcoin may be poised for further declines. Despite recent price increases, the analyst believes that hidden bearish divergences on the technical chart indicate a potential for lower levels to be filled.
In a post on Patreon and Discord, The Chart Guy shared a sneak peek of his XRP chart analysis, highlighting key technical indicators that support his bearish thesis. While the analyst did not disclose specific target price levels, he emphasized the need to be prepared for both bullish and bearish scenarios.
One user expressed skepticism about the bottom being in at $0.38, suggesting that XRP could potentially fall below its previous low if Bitcoin experiences a significant correction to the $45,000-$48,000 range. In response, The Chart Guy acknowledged the possibility but indicated that he would be actively buying the token during periods of extreme fear if the price were to decline further.
XRP Buoyed By ETF Filing
That said, Bitwise’s recent filing for an XRP ETF and subsequent announcement for an ETP generated huge buzz in the cryptocurrency market. These strategic moves could potentially pave the way for increased regulatory flexibility and a surge in the token’s price.
On Sept. 30, the prominent asset manager applied for an XRP exchange-traded fund (ETF) through its agent, CSC Delaware Trust Company. While the filing could be part of early-stage preparation, it has sparked hopes for a spot ETF amidst regulatory uncertainty. Notably, its ETP (Exchange-Traded Product) filing the next day is seen as a clever move to navigate the challenges ETFs face, increasing its chances of an SEC approval later this year or early 2025.
