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XRP analyst sees potential bottom, urges caution

xrp-analyst-sees-potential-bottom-urges-caution
Edited by
Markets
XRP analyst sees potential bottom, urges caution

A popular YouTube crypto analyst who goes by CoinsKid believes there is a possibility that XRP has bottomed out after its recent sharp decline, but he is urging his followers to remain patient and wait for more confirming price action before jumping in.

In his latest video update on Friday, CoinsKid pointed to the big flush down last week in crypto markets and the U.S. Dollar Index bounce as having forced capitulation in many altcoins, creating a “beautiful opportunity” for investors. He specifically highlighted the plunge of XRP down to the “buy long strong zone,” which signaled maximum fear according to his proprietary crypto index tracker.

“In my opinion, that could have been the flush, basically, the last push down, the sort of fear shake out right there in the crypto markets and the bottom for XRP,” the analyst commented.

In my opinion, that could have been the flush, basically, the last push down, the sort of fear shake out right there in the crypto markets and the bottom for XRP.

However, CoinsKid cautioned he needs to see more bullish structure and breaks of key resistance levels before he can definitively call the bottom. In particular, he is watching to see if XRP can close decisively above the $0.6258 level, which would turn that zone from resistance to support. The analyst also pointed to a new five-wave micro impulsive move up from the recent XRP lows, explaining to his followers:

This is a bottom right now of a new impulsive move to the upside. So going forward, like I said to you, I do think that this is corrective because of the overlapping waves.

In conclusion, while clearly growing more optimistic on XRP given the emerging chart patterns, CoinsKid made clear he is not pounding the table to buy here.

I wish I could tell you 100%. That’s it. The bottom’s in. But it’s all about the structure and support going forward.

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