The post Is XRP Price Preparing for a Last Dump Before a Massive Pump? Here’s Why appeared first on Coinpedia Fintech News
The price of Ripple’s XRP is currently bearish due to the prevailing negative sentiment in the broader cryptocurrency market, coupled with the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC), which is largely responsible for the downward trend.
However, according to analyst Egrag Crypto, XRP has completed the bear market and is all set for the last dump before a massive pump.
He discussed historical data related to XRP’s bear market and how it could potentially lead to a pump in the future. The data suggested that since XRP has closed above the Gaussian Channel multiple times; there is typically a dump that occurs before a pump. There are three different scenarios, labeled A, B, and C, each with different percentages of dumps and durations of time before a pump occurred.
He wrote, “Historical data is showing that #XRP completes #BEAR Market by closing multiple closes above the Gaussian Channel & then Dumps & it will signify the last Dump before a Pump.”
Currently, XRP is in Case C, where it has closed multiple times above the Gaussian Channel, but has already dumped 19%. However, the duration of 20 days has not yet elapsed, meaning that it still needs to violate the 75-day duration requirement for Case B. The analyst hinted that violating this requirement could lead to a pump for XRP in the future.
As of now, Ripple’s price stands at $0.42, having dropped almost 10% on Tuesday. The decline happened around the time the Ripple v SEC conflict reignited, leading to XRP falling below the crucial support level of $0.44. The token is now relying on a crucial support level of $0.42. The cryptocurrency sector along with XRP enthusiasts are currently awaiting a resolution in the prolonged legal battle.