In recent weeks, Ripple’s XRP has been on the rise and showing signs of recovery from a significant support level. However, for the market to move into a bullish phase in the coming months, it is critical that a major resistance level be surpassed.
All eyes are currently on the release of the Hinman emails, which are expected to be a game-changer. The question remains whether this event will follow the “buy the rumor, sell the news” pattern or whether it will provoke a different market response. Analyst Cheeky Crypto took a close look at recent developments in the XRP market and discussed possible future scenarios in a new YouTube video.
Given the current market conditions, he said there are two possible scenarios for XRP. First, it could see a retracement to the $50.51 to $51.74 range, matching the wave two positioning. Alternatively, there could be a double bottom formation with a target range between $50.74 and $51.44. These levels would put XRP in a wave two position, possibly paving the way for a further rally.
The price rides on the 50 hourly EMA, acting as a support level and staying above the equilibrium area. However, a fair value gap of around $50.25 suggests a possible retracement to 50 cents.
In addition, he spoke about the upcoming release of the Hinman emails, which has fueled FOMO (fear of missing out) among investors. Consequently, XRP has seen increased buying interest. Nevertheless, a position on XRP seems favorable compared to being out of it, especially with the recent rally. In addition, volume profiles indicate a divergence, with higher highs in price action and lower highs in volume.
At the time of writing, XRP is trading at $0.53 and is up more than two percent in the past 24 hours.
