Francis Hunt, a well-known crypto market analyst referred to as 'The Market Sniper,' has shared insights on XRP's recent price movements. He previously called XRP's peak at $3.36 and noted that the token is currently trading within a falling wedge pattern, which is often indicative of a future price breakout. Hunt emphasized that the $2 support level is crucial for XRP, as it has been frequently tested but maintained by strong buying interest. While Bitcoin faces challenges, XRP hasn't decisively broken down, leading Hunt to consider re-entering the market if XRP temporarily drops below $2. He pointed out that the longer XRP remains in this falling wedge, the more significant the potential breakout could be. Nonetheless, users should be cautious of external market disruptions that may impact this pattern.
Analyst Predicts XRP Will Retest $2 Support Before Breakout
Market analyst Francis Hunt foresees a retest of $2 for XRP, with potential for an upward breakout as it forms a falling wedge pattern.
Jamie Bennett
Crypto Analyst
4 min read
7,091
Analysis
Market Sentiment
Bearish
Neutral
Bullish
News Impact
8/10
Credibility: 8/10
Trading Recommendation
XRP
XRP
BUY
Entry Price
$2
Confidence
80%
Stop Loss
$1.8
Take Profit
$2.5 - $3
Positive technical analysis indicates potential for upward movement, especially with strong support levels at $2.
