Market Expert Affirms XRP Has Reached Its Lowest Point, Anticipates Strong Rally towards $2 in the Medium Term
Captain Faibik, a renowned market analyst, has provided evidence suggesting that XRP has hit its lowest point amidst the ongoing downtrend. In his recent analysis of XRP’s price, he highlights the token’s resilience compared to other assets, even though it declined to a low of $0.4620 on June 24.
Faibik argues that XRP has bottomed out at this level and is unlikely to drop further. He shared a tweet stating, “$XRP Seems like bottomed out & almost ready to bounce back. Midterm Target: $2.” His statement is supported by the Fibonacci retracement levels, where the $0.4620 mark aligns with the strong support level of the 0 Fib region.
For a potential rebound to occur, market conditions need to be conducive, particularly for Bitcoin. The Crypto Basic recently confirmed that Bitcoin is currently at its highest oversold level since August last year. If Bitcoin experiences a recovery push, it is likely to positively impact the entire market, providing XRP bulls with the necessary strength to stage a comeback. Faibik has set a mid-term target of $2 for XRP once this rebound materializes.
Interestingly, the $2 level was last seen by XRP during its historic rally in 2018. Despite the 2021 bull run witnessing many assets reaching new all-time highs, XRP failed to breach $2, which was attributed to the legal pressure from the SEC’s lawsuit against Ripple. Faibik’s chart indicates a symmetrical triangle formation that XRP has been struggling with since 2020. With the SEC case moving towards its resolution, analysts anticipate a recovery for XRP, potentially breaking above the upper trendline of the triangle and achieving Faibik’s mid-term target of $2.
Additional market data from Santiment shows that XRP’s price volatility has been decreasing across different timeframes. This reduction in price volatility during a downtrend suggests market consolidation, where buyers and sellers reach a temporary equilibrium. It is an indication that the downtrend may be losing momentum and approaching its end or a potential reversal.
At present, XRP is trading at $0.4690, experiencing a minor 0.17% decrease. The Long/Short Ratio for XRP remains below 1, suggesting a predominance of short positions. If a recovery push clears these short positions, it could further support the strength of the anticipated rebound.
In conclusion, Captain Faibik’s analysis suggests that XRP has reached its lowest point and is expected to witness a significant rally towards $2 in the medium term. Market indicators, such as the Fibonacci levels and diminishing price volatility, provide support for the projection of a rebound. However, investors should remain cautious and monitor market conditions closely.