In the ever-fluctuating world of cryptocurrencies, crypto analyst CryptoWzrd has expressed an optimistic prediction for XRP, while highlighting a potential bullish hammer for the crypto asset.
A Bullish Hammer For XRP Could Take Place
The cryptocurrency analyst recently took to X (formerly Twitter) to share the projections with the entire crypto market. The analyst predictions were made using the daily technical outlook of XRP.
With a clear observation of the chart, CryptoWzrd noted that XRP could be ready to form a bullish hammer. However, for this pattern to take place, a bullish candle must appear today, January 4.
Following the prediction, CryptoWzrd noted that the XRP/BTC chart is demonstrating strength against the bears. In addition, it has recovered the majority of its loss and ended the day with a promising pin bar.
The analyst was upbeat about XRP’s potential to take control and highlighted that a strong rebound could push the token higher. However, he alluded to the impact of outside variables hindering this rebound, particularly the potential threat of unfavorable SEC news regarding ETFs.
CryptoWzrd’s predictions came amidst a notable disruption in the crypto market that took place yesterday. The disruption saw Bitcoin (BTC) plummeting to about $40,000, while XRP fell to nearly reach the October 2023 lows of $0.50.
After recovering to a level around $0.57, CryptoWzrd anticipates that a rebound from this area could indicate the daily lower high trendlines’s breaking point. As a result of this, the crypto asset could therefore push closer to and over the $0.7300 mark.
In the crypto analyst’s opinion, the strength displayed by the XRP/BTC chart is one major reason behind the optimistic outlook. According to CryptoWzrd, this strength surrounds the positive viewpoint that XRP may orchestrate the bullish rise.
The Analyst’s Thoughts From The Intraday Angle
CryptoWzrd further turned his attention to the intraday chart while anticipating the next move. The expert noted that his “primary attention” will be on the intraday chart today which he will be looking for a scalp.
While acknowledging the volatility that occurred on Wednesday, the analyst has forecasted that it will continue today. However, in spite of the uncertainties, CryptoWzrd has expressed optimism and plans to make another trade.
So far, the expert has stressed that two crucial factors will determine XRP’s final trajectory. These include the path that Bitcoin takes and the fundamental data that could emerge in the coming days.
As of the time of writing, XRP was trading at $0.578, indicating an over 8% decline in the past 24 hours. Meanwhile, its market capitalization is also down by over 8% over the past 24 hours.
Despite the drop in price and market cap, the token’s trading volume appears to have increased significantly over the past day. Data from CoinMarketCap shows that the crypto asset’s trading volume is up by 153.49% as of the time of writing.
Featured image from Shutterstock, chart from Tradingview.com
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