Crypto Analyst Bobby A is warning XRP price may face trouble soon. He said the big monthly charts are showing signs of weakness, which could mean the market is turning bearish again. Analysts believe that prices may need to fall further for them to rise.
Bearish signal appears on XRP price monthly chart
Bobby A says that the big XRP chart doesn’t seem healthy at the moment. He explains a number of important monthly indicators as follows: is looking bearish. He said that XRP is trading below the 1.618 level and the price action there looks more like a rebound than a breakout. He believes this rejection could not have come at a worse time for XRP, noting that the monthly candlestick closed near the BMSB line, which is also a dangerous sign for the price.
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Bobby A reminds traders that when the Bresart indicator crosses bearish on the monthly chart, history has never been good for XRP. he believes that history may repeat itselfand these bearish signals are currently evident on the chart, suggesting that the medium-term trend may not be strong. According to his analysis, within six days, XRP will again face the monthly candle closing price, but facing it while price action is weak is usually not a good sign. He is concerned because the overall structure of the chart shows further weakness. More than the strength at this time.
He explains that when the charts show this kind of technical damage, the prudent course of action is to remain cautious. He says traders need to focus on risk management when warning signs start flashing on the big charts. He shared this because he previously trusted his chart research when XRP was below $0.30, and now he needs to trust what he saw again when XRP rose above $2. he says. the market can change Traders need to be prepared for these changes as they occur at a very fast pace.
XRP could fall below support before rising again
Currently, XRP has already started a small decline. Bobby A says this retracement is happening in real time. He warns that XRP could roll over again and be retested lower price support level. If this happens, the token price may fall below $1 to find more substantial support before attempting a recovery. He believes there are real and present risks. prices will plummet If sellers continue to push the price down, it could fall below $1.
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He advises traders to protect their funds and manage their trades carefully. He says the safety of capital must come first. In times like this. Although he still believes in the long-term future of XRP and remains a strong supporter of the project, he currently feels that the price is likely to fall in the medium term. He said this is because the latest market signals are not strong enough to support a market decline. Still a big bullish move.
Featured image created by Dall.E, chart on Tradingview.com
