Zameer Attar
A striking view recently shared by a well-known crypto analyst, Crypto Savy, has stirred discussions in the crypto community. According to Savy, Ripple’s XRP has lost its vitality and is unlikely to reach its previous all-time high.
XRP’s Struggle Against Market Trends
Since its peak in January 2018, when XRP reached an impressive $3.3, the cryptocurrency has faced a relentless downward trend. This white line on the chart shared by Savy, symbolizing persistent resistance, has kept XRP below its former glory.
Despite occasional surges, such as the notable 180.77% spike in April 2021 and a 37% rally in March of the same year, XRP has consistently failed to break this trend line for the long term.
The brief moments when XRP did break above this trendline were met with another barrier, an additional yellow trendline, which it could not surpass. This resulted in significant price corrections, reaffirming the crypto analyst’s perspective. Even recent attempts, including a rally to $0.93 in July, were short-lived as XRP failed to maintain its gains above the trendline.
Current Market Dynamics and Future Predictions
Currently, XRP is making another attempt to break through the aforementioned barriers, with modest gains over the past five weeks. However, Savy remains skeptical, suggesting that XRP has been reduced to a cycle of short-lived pumps and dumps, driven primarily by market hype rather than sustainable growth.
Currently, XRP is trying to maintain its position above the $0.67 resistance level. If it stays above $0.62, there’s a chance for it to test higher levels at $0.75, potentially moving up to $0.90 or even $1.1.
Contrarily, a drop below $0.62 could indicate a loss in bullish momentum, possibly leading to a further decline to its 20-day EMA at $0.60. At the time of writing, XRP stands at $0.65.
