Ripple (XRP) has been encountering intense pressure as of late. The token is now sitting at a crossroads, eyeing two possible narratives. With the markets worried that XRP falling below $1.5 could trigger a massive liquidity outflow, the token is treading with great care at the moment. However, a leading expert has shared a striking new analysis, claiming that the XRP price seems to be printing a hammer formation. What is this formation, and how will it help XRP price to rise? Let’s find out.
Also Read: XRP Evaluation in Mojaloop & Epstein Emails Shows Ripple Seen as Risk
XRP Hammer Development: Details
XRP price is currently sitting at $1.62, up 2% in the last 24 hours. Ripple has recently secured an EU e-money license, amplifying its cross-border payment settlement arena in a holistic manner. That being said, its price is yet to reflect the core bullish changes that are happening in the background. In the middle of this, one analyst has shared a new strike forecast for XRP, adding how its chart may be printing a new bullish hammer formation to begin with.
A hammer candlestick pattern generally refers to a reversal, an upward trend for an asset, pulling it out from its downward course. Per JD, this formation is now printed on the XRP price chart, signalling a potential reversal might be on the cards for the asset.
“$XRP—ignore ALL HOPIUM/clarity news that made you EXIT LIQUIDITY! (aka: The REKT) 🤣😂. XRP is printing a HAMMER at the bottom. Sellers slammed it down. Buyers absorbed EVERYTHING. This is exactly what local bottoms often look like before reversals. The next candle must be green!”
Should You Explore the Dip?
The XRP price is currently sitting at $1.62, the lowest it has been in months. The token with hammer formation in the picture could spike as high as $2, reclaiming its lost fortunes and glory in the near future.
Per Flitpay XRP stats, the asset may also target $9 as it continues to charge forward, with the ETF and Clarity Act momentum guiding the asset further.
Also Read: XRP Falls To November 2024 Price Levels: Will It Dip To $0.50?