Since the start of this month, the XRP market has seen a growth of 18.45%. On the second day of the month alone, the market surged by approximately 34.08%. In the last seven days, with an impressive growth of 13.4%, it has outperformed top cryptos, including Bitcoin, Ethereum, BNB and Solana. A video recently shared on X by a crypto expert, identified as STEPH IS CRYPTO, suggests that it is the ideal time to enter the XRP market. Here is everything one should know about his commentary!
XRP’s Bullish Chart Pattern
The crypto expert pointed out that a falling wedge pattern has formed in the XRP market.
A falling wedge is a chart pattern where the price action is consolidating between two downward-sloping trendlines. This pattern is generally considered bullish, meaning it often precedes a price breakout to the upside.
The expert advised investors to ignore the fake breakouts, like the one occurred on March 2. He asserted that if the XRP price closes above the $2.5 level, the next target could be as high as $3.38.
Short Squeeze Could Push XRP Higher
Projecting the current Binance XRP/USDT Liquidation Heatmap chart signal, which shows the concentration of a significant amount of liquidity in short positions, the expert noted that many traders are betting on XRP’s price to decline.
He opined that if market makers target this liquidity, it could trigger a short squeeze.
A short squeeze occurs when a rapid price increase forces traders with short positions to buy XRP to cover their losses.
Fear & Greed Index Suggests a Buying Opportunity
The Crypto Fear and Greed Index now stands at 25. This figure indicates that fear is the dominant feeling among crypto traders right now. Yesterday, the index was at 20. Last week, it was at 10.
The expert invited attention to this index. Historically, extreme fear leads to price rebounds.
In conclusion, XRP is showing signs of a bullish breakout, and market conditions suggest a potential price rally. With key levels approaching and fear still high, could this be the perfect buying opportunity? Keep an eye on $2.53 to see what happens next!
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