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Despite increasing optimism in the crypto community about the future of XRP, the cryptocurrency associated with Ripple has been criticized by market analysts for are under intense surveillance.
On Monday, popular crypto analyst Northstar expressed confusion on X (formerly Twitter) about the continued optimism surrounding XRP.
“Ripple is down over 80%. Another major failure has occurred. We are currently backtesting the breakdown. Why on earth would anyone get bullish before XRP crosses the breakout line?” he tweeted.
Expert analysis accompanied by detailed technical charts reveals that the multi-year formation of the triangle pattern has recently experienced a significant break.
The cryptocurrency is currently backtesting previous support levels, particularly around the $0.54 range. Northstar emphasized that XRP remains trapped below the downtrend line that has served as a major resistance since 2018. Until XRP convincingly crosses this line, any bullish outlook may be premature.
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Analyst Alan Santana pointed out the discrepancy in the performance of XRP and Bitcoin, adding weight to the bearish theory. “What’s happening with Bitcoin is not something that ripples through the market. It’s certainly not present on the XRP chart,” Santana pointed out. He further pointed out that XRP’s technical indicators, such as the daily EMA144 and MA200, continue to show bearish pressure, with future price declines expected.
That said, Northstar’s sharp criticism highlights his concerns about XRP’s technical struggles and warns that his bullish outlook may be premature given current market conditions. are.
However, not all analysts share this pessimistic outlook. In a separate analysis, Egrag Crypto offered a contrasting view and outlined an ambitious price target scenario. Expert analysis called the “XRP Macro Drop Zone” suggests that XRP is on the brink of a significant rally that could push it to $15 or more.
“If XRP inclines towards drop zone B, we are considering a price increase of at least $2 to $15,” Eglag wrote, calling for a new price cycle that could see XRP reach as high as $115. I predicted it.
Meanwhile, on-chain data from cryptocurrency analysis firm Santiment provides a more optimistic view of XRP’s network activity, despite mixed analyst outlooks. The company noted in a tweet that there has been a recent surge in active wallets on the XRP Ledger, with more than 35,000 wallets making at least one transaction per day, the highest number in more than three months. did. Additionally, 3,858 new wallets were created during the same day, marking the largest increase in seven months.
This surge in activity indicates growing interest in XRP despite continued price challenges and could support a near-term price recovery.
XRP is trading at $0.5155 at the time of writing, reflecting an increase of 0.75% over the past 24 hours.
