Welcome to Extreme Investor Network, where we bring you unique insights and analysis on the latest trends in the stock market, trading, and Wall Street. Today, we dissect the technical analysis of two popular cryptocurrencies, ETH and XRP, to help you make informed investing decisions.
ETH Technical Analysis:
ETH has shown resilience, bouncing multiple times from a key support level. In October 2023, it retested this level and followed it with a 170%-plus price rally, touching the multi-year horizontal trendline resistance at $4,000. Based on this pattern, we anticipate ETH’s price to rebound towards $4,000 in early 2025.
XRP Technical Analysis:
As of Oct. 11, XRP was trading around $0.535, showing some gains post the U.S. inflation report. However, a bear flag formation on the daily chart suggests a potential massive selloff ahead. A bear flag typically resolves when the price breaks below the lower trendline, leading to a fall equivalent to the height of the previous downtrend. Applying this principle to the XRP daily chart indicates a downside target of $0.465 for 2024, representing a drop of over 13% from current levels.
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